Ann: Exploration Update - Dalgaranga Gold Project, page-84

With the current performance rights that vest on a take over doesn't that mean that it is currently in managements interest to continue to explore and wait for a take over offer (on which all there performance rights are granted) rather than risk going into production?

This could be reflected by the 2024 "New Plan" which has removed mention of the re-start decision.

I think having a highly profitable, producing asset is the fastest way to maximise the valuation of the company. This is what shareholders want, the highest shareprice possible (full value) in the shortest period. The fastest way for management to trigger their performance rights and incentives is through a takeover and these two scenario's do not align.

It is extremely rare for a non-producing asset to trade at a multiple of NAV, whilst it is quite common for producing assets to trade at significant multiples to NAV.

I don't see a reason why we cant be simultaneously exploring and pushing towards a production restart in the back end of this year.