Ann: JORC Mineral Resource Update, page-6

Lip stick on a pig...

All the open pit modifying factors are at the extremes of optimism. A$3,250/oz POG, "overall payable metal recovery of 91.2%" for fresh rock is higher than historically achieved and unrealistic open pit cut-off grades of 0.35g/t (oxide/trans) and 0.7g/t (fresh). Most (all?) material won in cutbacks so expect high strip ratios, therefore higher mining costs. What are the open pit mining costs? What are the processing costs? 0.35g/t is about A$30/t recovered gold @ A$3,250/oz - can they really mine and process a tonne of oxide ore for A$30/t? It appears they have reported all gold above 0.35g/t and 0.7g/t in the biggest pit shell they have.

Optics don't look good... I would not expect much, if any, Resource to Reserve conversion from the open pit.

UG below 5g/t = marginal. Factor the refractory nature of the ore body and lower recovery/payable metal and <5g/t is a little worrisome.