Ann: Laverton Gold Project Mineral Resource Updates, page-31

Yeah, pretty new - only about 15 years investing in the sector. What about my statement is incorrect? I'm not saying the ground is rubbish, but it's certainly not high grade. Please put it back in your pants and stop trying to swing it around. I get that you're excited, but facts are facts.

PCF Capital released a report in 2019 detailing that the average open pit grade in Australia was ~1.7g/t. Coolgardie proven reserves are ~1.2 g/t. It's not high grade - it's in fact below average. The other difference between Focus' operations and a lot of open pits in Australia is the tonnage. Focus is made up of a series of relatively small scale pits which results in a lot of risk if the geological model isn't sound...as we saw previously. Coolgardie will make its real money through Bonnie Vale UG....which then opens up the real prize - Laverton and it's larger scale deposits, which will open up economies of scale.