Ann: Mt Carlton Update, page-15

Yeah - the Annual Resources and Reserves link that you provided was in Feb 2020 and the additional 75K Oz write off for Mt Carlton is more recent.

You seem to be pretty familliar with these sort of numbers so I was going to ask your opinion, is it usual for EVN (or other miners) to have such large differences in their gold price assumptions for reserves (A$1450 per Oz) vs resources (A$2000 per Oz). To me those assumptions seen unnecessarily conservative for the reserves and maybe a bit optimistic for resources? Have I got this wrong?

So if I follow your argument - what has happened is that a heap of stuff that was probably low/moderate grade was in the mineral resource as economic(using A$2000 per Oz) but wasn't economic enough to count in a mineral reserve (using A$1450 per Oz)? Or a failure to convert resources to economically mine-able reserves?

Please let me know if thats what you were saying or if I have misinterpreted something.

Anyway - the data and drilling from Crush Creek is actually pretty encouraging, and its still open to the south, I wonder if they are thinking of trucking the ore to the existing Mt Carlton mill and getting more mileage out of the infrastructure at Mt Carlton (need decent grade and high gold prices and low fuel prices to happen), or if they drill and find that they have enough gold there to justify either moving the Mt Carlton mill to a closer location, or building a new mill at Crush Creek somewhere. They'd better get their skates on in exploration to be able to male this decision before they run out of mine life at Mt Carlton.

We can't complain about Mt Carlton though - I still think of this at the "Mt Carlton Mining Co" because this CQT asset has really been one of the major building blocks for EVN to get where it is today, it has paid for itself many times over. Nothing lasts forever and it has well and truly outlived its rather modest initial description by Jake Klein as a "failed project" at one stage! For a failed project to go well beyond its initial planned mine life is a credit to the orebody and the team who found and mined it.