Ann: GWR: Wiluna West Gold Project Update, page-27

Highlights
Matilda-Wiluna Gold Operation
 Operations generate positive cash flows again in the June quarter
 Jun’18 gold production of 19,393oz (Mar’18 quarter: 20,631oz), in line with previous quarter, resulting in a
record six months of gold production to Jun'18 of 40,024 oz (Dec'17 half: 30,541oz), a 31% increase on last half
 Record throughput of 535kt milled for the quarter (Mar’18 Qtr: 477kt), a 12% increase on last quarter
 Mill feed grade of 1.44g/t consistent with prior quarter (Mar’18 Qtr: 1.51g/t)
 Process recoveries reduced to 78.6% (Mar’18 Qtr: 89.4%) due to the main ore source being the transitional and
fresh ore from the now completed M4 pit, a one-off isolated issue which was the primary constraint to achieving
higher production in the quarter and half year, as well as increasing AISC/oz
 Process recoveries in the first three weeks of July are 91% due to the main ore feed source again being Matilda
oxide ore
 All in sustaining costs per ounce (‘AISC’) for the quarter of A$1,509/oz (Mar’18 Qtr: A$1,092/oz)
 Stripping ratio for the quarter increased to 7.9 times (Mar’18 Qtr: 2.9 times) representing an investment in next
quarter’s production and a large contributor to the higher AISC in the Jun’18 quarter
 Average realised gold price of A$1,685/oz for the half, and A$1,696/oz for the Jun ’18 quarter
Corporate
 Current gold forward sales contracts of 26,189oz @ A$1,742/oz over the next 8 months
 Net debt at 30 June 2018 reduced to $8.4m (31 March 2018: $10.4m)
 Board strengthened further with the addition of Mr Tony James as a Non-Executive Director
 Production guidance for FY19 is 77k-89koz @ an AISC of A$1,250-$1,450/oz
Reserve Development and Exploration
 High grade free milling mineralisation extended at Wiluna Mine
 Multiple high grade extensions identified at Golden Age
 Lake Way drill programme completed during the quarter and awaiting assay results
 Maiden resource published over Wiluna tailings – 620,000oz
 Positive scoping study completed on Wiluna tailings retreatment project (‘Wiltails’)