Ann: FY2022 Production and Cost Guidance, page-7

On your analysis Bill.....it is relevant to note that the US 10 year bond rate return is 1.263%. It is worth comparing this return to that of Medusa. It is also relevant to note that the decline is well under way and once complete that capital cost is totally removed leaving surplus cash available. I have been conservative in my estimates. The company has stated that there will be 10 years of operation around the decline. Medusa has also established a major footprint in the Philippines. Looking forward one needs to do some research around the effects of the decline on the companies efficiency and hence ASIC as well as where the gold price will go. DYOR