Ann: Exploration Update - Dalgaranga Gold Project, page-258

"How do you come up with SPR assuming recoveries are 100% ?" - That's the only way the maths works out to achieve the production with a 5 or 8 year mine life they state in their presentations based on the MRE they had at each date.


"Agreed BGL has a number of different ore UG bodies , intuitively they would be shorter in ore contact to contact with the country rock than Never never which makes the % of indicated converting to reserve lower" - not only that but they are not as thick as NN.

"You have not inputted in a restriction on the how many vertical meters a year can be mined at Never never from one decline without creating a cluster F--K , I am thinking about 100 meters which limits the tonnage and therefore the ounces per annum they can pull out of NN UG" - interesting point which I did not consider as I just looked at the maths - all I did was look at the average grade

"You are most likely more knowledgeable than me as you have upper management/board mining experience , so take what I say with a grain of salt" - I doubt I am more knowledgably as I only looked at the maths - while I have upper management/ board experience I do not have mining experience - but I have undertaken a lot of research etc