Ann: Exploration Update - Dalgaranga Gold Project, page-71

Agree with your views but need to add a few additional comments. The more drilling and met testing before building and operating a plant the less ramp up problems they will have but the great majority of mines have ramp up issues and rarely delivery at guidance or better - most are worse.

While I agree with GOR (Held that from 5 c) DEG is not yet in production so it’s not a good example. With GOR the plant was built and is run by Goldfields which had lots of experience building and successfully running plants. So not really that comparable.

Most stocks with their first attempt at building and operating a new plans have ramp up issues and some never deliver on their promises or even close to them (eg CAI). PLS took 18 months to get their operation operating well. Sigma Brazil lithium) looks like delivering on their promises but are still in ramp up. TIE is another one that has had issues and they are not out of them yet (I sold out at 75c a while ago before the ramp up problems surfaced).

Unless a company is a multi mine company with lots of experience operating mines we should expect ramp up issues.

BGL is a current test case and to date everything on the surface seems to be running fine but there is still a long way to go before they finish the ramp up and deliver on production and cost guidance (I expect it may take until 2025 to know if they will deliver). I expect them to have ramp up issues but to ultimately deliver on production and be higher than the $1,000 to $1,100 ASIC but still maybe less than $1,300.

A correction from slide 4 ( see image below) states an 8+ years mine life not 5 years - they revised that late last year.

I am not assuming an FID by mid-2024 - a poster noted a broker was recently suggesting late-2024 for the FID which in my opinion is not a surprise given their drilling success. I am anticipating the FS will be delayed and be more like 3rd quarter of 2024 or even 4th quarter - this does not bother me at all as it’s better they get it right rather than rushing it and getting it wrong ie not deliver on promises in an FS. I am also hoping for a 10 year 150k Oz to 200k Oz pa operation in the FS and deferring the FS 3-6 months gives me more confidence they will achieve it.