Ann: Exploration Update - Laverton Gold Project, page-13

In the 02/2020 presentation, FML stated the target for Laverton is:

Stage 1 Achieve commercial production in 2021, 5-year mine life at 50,000oz p.a.
Stage 2 Achieve commercial production in 2025, Over 10-year mine life at 200,000oz – 300,000oz p.a. Open pit and underground operations.

I assume that timeline was based on their previous decision to sell Coolgardie and focus on Laverton. Now that we are developing both projects at the same time plus the Covid impact, we are obviously behind the schedule. A side note is that HRZ was willing to pay A$ 55m for just Coolgardie.

Some of our fellow shareholders have doubt that ShangDong wanted to keep the resource under the ground forever. But you would definitely say otherwise if you have looked into Mr Wang's previous role in SD group (GM for production and planning). A good comparison is that the previous CEO we had from SD was from the financial sector of the group.

My guess is that we will probably see Coolgardie back online sometime next year if the POG can hold the current level well, and Laverton a bit later. Until then, I can only wish to accumulate more at current SP level.