Ann: Kalgoorlie - Emerging Gold Producer - Pennys Find Mine, page-10

Soo looking at the presentation, the company has drilled 25m depth. The total depth of the open pit.

Meaning we are over 30% complete. Now if we are using the numbers the company provided, 150k tonnes = 21,000 ounces.

30% of 21,000 ounces is is 6,300 ounces.

Based of the BFS cost estimates are 1080 based at $1500 gives profit of 420 per ounces.

6300 x 420 = 2.6m x 60% (holding)

Gives them 1.5 million profit.

If we assume gold stays at 1580 and ounce it will give us $500 ounce profit.

Giving us total profit of 1.9 million

DYOR