Ann: Noosa Mining Conference - Company Presentation, page-9

The Jan 23 update is below. Gold recovered will likely depend on the cut off grade determined by the gold price.

I assume this update was done during the height of the inflation / labour / cost issues that plagued the industry at that time. Gold price over $1.000 more than their base case scenario.

Edna May Stage 3 Open Pit - Pre-Feasibility Study (“PFS”)1 update
▪ Total Mineral Resource# of 31Mt @ 1.0g/t Au for 990,000 ounces
▪ Mining contractor pricing significantly higher than January 2021 Scoping Study (“SS”) due to well documented industry cost inflationary environment
▪ Higher estimated operating costs increased the cut-off grade which resulted in a smaller overall pit (PFS 292k ounces vs SS 434k ounces)
▪ PFS AISC of A$1,977/oz vs SS of A$1,540/oz (up 28%)
▪ PFS Upfront Capital of A$220M vs SS A$165M (up 33%)
▪ PFS base gold price of A$2,600/oz vs SS A$2,300/oz (up 13%)
▪ Operating and capital cost increases well outweigh the gold price increase, reducing return on project to a level below Ramelius’ internal hurdle

The focus on EM in the presentation and imminent decision looks like it is highly likely that it goes ahead.

Separate question but did you say EM u/g was mined out? They didn't say anything about this in the last quarterly.