Ann: Geological Modelling of Cascavel Mineralisation, page-36

Thanks for your experienced input.

While we are all just estimating at present, I believe you are overestimating the extent of the dilution effect.

We do have some real figures from the 2018 commissioning stage such as:

+ HM3 was fed with 640 tonnes of tailings, low and medium grade ores and mine development material
producing an average 6.4 g/t grade and an estimated recovery of 83.9%;

+ The smaller HM2 produced 12.94 ounces of gold doré from 15 tonnes of run of mine ore from the Mestre and central Zones for 26.84 g/t as a test run.

+ Then there are the bulk samples of the "dreaded" tailings averaging over 9 g/t.

We are all keenly awaiting the figures for the achieved run-of-mine grade on continual production.

From my perspective the actual achieved ROM grade is far more significant than the actual ounces processed at this stage.

If the achieved ROM grade is good, then processing more ounces is the mechanical tasks of getting more of Pedro's cousins shovelling
and more Harry Hammer Mills pounding.

All the best,
T