Ann: Golden Age Drilling Delivering for Wiluna, page-38

Another difference is that DCN's gold is free milling with an AISC of A$1,450/ozs whilst BLK ore is largely refractory with an AISC of A$1875/ozs. Offsetting is that net debt of BLK is A$46.1m whilst DCN net debt is $17.4m but BLK are only producing 66kozs/yr whilst DCN produce 125kozs/yr (twice as much). BLK has to come good on its 2 yr, 5 point plan to be re-rated. If they can get to 200kozs/yr they would be a different company however since their gold is refractory they will be supplying a concentrate where they have to give large slice of the pie to the concentrate processor and the gold refiner (usually in China). Not the same as producing gold dore to send to Perth mint.