Ann: Further Significant Intercepts at Chatree South-East Complex, page-10

This morning BGL announced downgrades to guidance and that it would undertake an equity raising, key details:

· Modification to the 5-year plan: following a review of operations (with its lender) the company has withdrawn its 5-year growth plan (which had planned to grow processing plant throughput to 1.6mtpa by FY27, and gold production to 250kozpa by FY28). Further expansion of the processing plant I so hold, and mining fleet will be scaled back, reducing growth capital costs by $75m..

· FY25 guidance: now 129koz to 134koz (prev. 150koz to 165koz) at $2,425/oz to $2,525/oz AISC, (prev. $1,900/oz to $2,100/oz). 4QFY25 guidance is now 40koz to 45koz (previously ~ 54koz).

· FY26 production outlook: now anticipated to be 150kozpa (previously 207.5koz).

· FY27 to FY29 de-risked production outlook: now targeting 190kozpa (previously FY27: 227koz, FY28/29: 250koz).

· Equity raising: BGL is to raise $156.5m via fully underwritten placement. 25.8% discount to last close. 184m new shares to be issued.

· Hedge book close out: committed forward sales are to be closed out until 31 December 25, at an estimated cost of $115 million

Maybe this is what you would prefer. From Bellevue