Ann: Macquarie Conference Presentation, page-10

Two main reasons for that:
1. Red Lake never performed to expectation.
2. High Grading of Cracow, Mt Carlton, Mt Rawdon and Edna May. Ended up costing EVN a lot more mine life than envisioned. Then the mad scramble to flip these used-up assets with ones with better potential. AIS and RMS still having fun retreating waste material and making money doing it. Kind of tells you the High Grading story... 'It's what Ore John West EVN rejects that makes John West EVN the best" No guarantees in investing but I can almost guarantee that EVN is back to their old High Grading habits to make it to 244,371 ounces in June quarter and manage 749,000 oz FY24. That is always there as an option and but should not be an option to be reliant on all the time.

By April 2022 it was clear that these two predicaments will set EVN back 12-18 months on the target you posted (July 2021). SP dived from $4.70 (April 2022) to $1.805 (Oct 2022) on that 12-18 month delay. Opportunity for some but not for others...