Ann: Exploration Update - KWR strategy successful on all fronts, page-13

At ~$25m MC I think this is a compelling short term prospect using toll milling...

"High grade near surface Resources now total 315,500 ounces at 1.8 g/t (1.0 g/t cut off)"

"The MGP is located approximately 130km north of Kalgoorlie and is well serviced by infrastructure and within trucking distances of numerous treatment plants.""A large increase in the conversion of Inferred Resources to Indicated Resources aids us as we investigate the opportunities for economic production of these deposits.”

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Looking at results from Horizon Minerals recent test campaign - https://au.news.yahoo.com/horizon-minerals-limited-hrz-ax-234800207.html

"Gold produced totalled 1,182 ounces generating A$2.8 million in revenue at an average gold sales price of A$2,356 per ounce"
"Campaign generated A$1.2 million in net cash after haulage and toll milling expenditure with all mining related costs expended"

AISC = $2.8m - $1.2m = $1.6M / 1,182 oz = $1,353 / oz - SAY $1,400

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Looking at KWR and Menzies, I havent a clue which is the easiest pit to mine, but for argument sake I will pick Stirling and only include Indicated and assume 90% recovery and gold Price @ US$1600/oz



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Very simplistic analysis but even with cost of approvals etc a decision to mine one of the easier pits would give KWR a good chunk of cash to continue drilling elsewhere and continue expanding the resource.