Ann: New high grade shoot discovered at Zoroastrian deposit, page-14

I wonder if the stock price of this company is perpetually undervalued in comparison to many other gold explorers in WA because of their refractory ore, and the potential difficulties in processing this type of ore, and the higher costs. I'm presuming this is why they are going to produce some concentrate, and this would seem a logical path, but I think this is why the stock is always undervalued. It's a long wait and see on how they develop this, whether they find any more free-milling ore, and whether the narrow underground shoots can be found at higher grades, so all of this makes the stock a higher risk I suppose.

(From Independent Investment Research IIR - Nov 2019)

Refractory mineralisation at Aphrodite: The presence of refractory mineralisation at
Aphrodite will result in higher capital and operating costs than in an equivalent free milling
operation. However the synergies with the other properties should improve this (as well
as the Resource expansion possibilities). Also mitigating this are the positive results
from metallurgical testwork, and the possibilities of concentrate sales - the latter would
decrease up-front capex from that otherwise required for on-site gold production, and
which the Company considers the best option.

Underground mining viability: This will be a risk at Aphrodite and Zoroastrian. Both
of these have multiple shoots, however these in places are relatively narrow with short
strike lengths and separated by some distances of barren material, and thus may require
a relatively high amount of development per vertical metre, thus leading to relatively high
development costs.

(End of IIR Quote)

Gw