Grants has more not less ore than expected remainingNo mining...

Grants has more not less ore than expected remaining

• No mining has yet occurred from the Indicted or Inferred. These totals remain the same as in the June 2023 AR
• Measured has reduced from 1.80Mt at 1.50% to 1.34Mt at 1.48%. [1800 * 1.5% = 27.00]
• The Mining across Jul-Dec 2023 took out about 0.46Mt of ore at 1.56% [1340 * 1.48% + 460 * 1.56% = 27.01]
• If regraded as 1.40% material as per the reserve, 0.51Mt has been removed from the JORC estimate of the resource

During the July to December period the ROM increased from 7.6kt to 289kt for an increase of 0.28Mt.
The September quarter produced 20,692t at a grade around 5.2% with 50% recoveries. This required using about 0.154Mt of 1.4% ROM
The December quarter produced 28,837t at a grade around 4.7% with 60% recoveries. This required using about 0.161Mt of 1.4% ROM
Core appears to have used about 0.60Mt of 1.4% material across July to Dec 2023

If the JORC resource has "only" dropped by 0.51Mt and there hasn't been new resource drilling it means Core's been a little conservative on its resource estimates. There is a little bit more in Grants than the measurements estimated. Taking the approach of 2.0Mt @ 1.4% open pit reserve (June) and removing 0.60Mt across July-Dec for 1.4Mt remaining may have slightly understated what can still be recovered from Grants in an open pit mining situation.

That the Measured grade is remaining at 1.48% confirms the grade estimates for Grants are robust.



And this was what it was in the June 2023 Annual Report: