Ann: Maiden Reserve at Bulletin to drive step-change, page-31

The updated production guidance is expected next week.

Given the available information we have (noting the significant ore dilution with Bulletin reserve), CAI will likely produce 20k oz per quarter at nameplate capacity in FY25.

The profit share specifics on Bulletin are not finalised but I can conservatively state that CAI will be marginally cashflow positive in FY25.

They will need to exceed nameplate capacity if they intend to fund the sulphide plant alterations through organic cashflow.

The unknown is the $17M funding source.