Ann: Investor Presentation, page-97

DD, It wasn't me who suggested 7 $/lb

I am only pointing out at present the company is burning about $8m per qtr on studies, admin & staff, C&M. I can not see this coming down over the next 12 months in order to get to a combined concentrate and SX-EW DFS in a timely manner.

The Nifty restart study that CYM released on 11/3/2022 had a C1 of 2 $/lb, yes that included mining after the heap retreat but with escalation in prices I still think a C1 for restacking the heaps will be around this for a 6 ktpa operation.

While continuing studies and working toward a DFS for operating the SX-EW and concentrator at full capacity I believe the company can have an EBITDA of $18m AUD pa. This is way better than a loss of $32m pa hence we need to start the 6ktpa SX-EW ASAP and then hopefully we will be surprised with 10 ktpa production from the retreat pads as Matt suggested in the latest conference