Ann: Interim Mineral Resource Estimate, page-19

I believe the strategy to prove up a small starter pit is a good one. It allows us to generate cash earlier and minimise dilution from raising equity to drill out a larger resource. I don't think anyone doubts we have a larger resource sitting there waiting to extend.

The table below shows we've got plenty of options to maximise value from different gold price scenarios.

For example, if we used the 1.2g/t cut off instead of the 0.5g/t, we would bring the AISC way down by more than halving the tonnes to mine / transport / toll treat . There would be potential to mine 18koz over a year at potentially $1k per oz margins or $18m in free cash flow to drill out more resources and have a good crack at Empress Springs.

(e.g $1450/oz AISC and AUD gold price $2450/oz)