Ann: GTS Gold Project Update , page-2

Excellent

"A Net Cashflow of $7.22M (based on AUD$1,350)
• Positive Cashflow in month 7
• ROFE of 45%llent

The Directors, in embarking on this
process, are cognisant that the current gold price (circa $1,650 per oz.) would provide additional revenue of
approximately $6.4m to that estimated under the study. Importantly this is a short term operation with mining
estimated to be completed within 8 months from commencement meaning certain time based risks are reduced."

but we need confirmation of a toll treatment arrangement from what I assume is a neighbour.