Ann: FY2022 Production and Cost Guidance, page-2

Just a few rough calculations.....assuming that the gold price hovers around $1800US an ounce and ASIC of $1300US an ounce and production of 90,000 ounces - Medusa will generate a profit of $45M (approx). Taking away the cost of the decline for the year ($15MUS) will leave Medusa with a cash profit after costs of approx $30M US. Nice tidy profit going forward. It must be remembered that Medusa is debt free and unhedged. With the Iron ore price in decline I am assuming that the $Aus will depreciate as well. DYOR