Hi CW,Been flat-out recently so haven't had much of a chance to...

Hi CW,

Been flat-out recently so haven't had much of a chance to read the posts lately. I'm still not 100% across all the details of the Resource work that BRB released, but you're right in that the ug component of the Resource would have been larger had they had assay results for all the deeper holes that they've drilled. Looking at the holes awaiting assays, it looks like they're drilled on 80m*80m spacing, so they will add tonnes to the Inferred part of the ug Resource in the next update. Undoubtedly had BRB had all the assay results they would have added at least another 50K oz to the metal inventory (by my reckoning) and pushed us closer to that 1.5M oz mark. The northern part of the ug does look the goods, and it's pretty clear that there is a shallow-moderate northerly plunge to the mineralisation in that area. More to come on that front over the months ahead I'm sure.

If you're in touch with Tom regularly, you should ask him what he means by "regular" updates, because to a Resource Geo, a "regular" update is updating the Resource model every six months, and a lot of companies only update Resource models once every 12 months. My work group consists of six Resource Geo's covering multiple deposits, and for us to keep the the geology models in an ongoing state of readiness and run Resource models every six months is a serious undertaking. Ian and his associates from Optiro are top-notch Geo's, but you're still looking at $50-100K to get a model like Bombora run by a consultant, so it adds up.

The other thing I should explain is that using the term "dilution" means different things depending on whether you're talking to a Mine Engineer or a Geologist. A way to think about mining dilution is rock with zero gold, we don't want it or like it, but it's inescapable - eventually some of it's going to get mixed up with the ore whether we like it or not as part of the mining process. We can't speculate on any "mining dilution" factors yet simply because there have been no mining studies (i.e. PFS and DFS) done on Bombora. This kind of dilution refers to the amount of dilution we can expect and allow for when a discrete volume of the orebody is mined, and currently we have no idea about this. This work is the realm of the Mine Engineer. Don't worry about this until we're actually getting ready to put a excavator shovel into the ground.

With regards to "dilution" in the Resource model (different to "mining dilution"), all this means is how many waste samples (i.e. samples with no gold) we can lump together with samples that have gold above the cut-off grade and still incorporate them into the Resource model. Another word for this is internal dilution. For example, if we're happy to accept up to 20% internal dilution it means that if we have five one-meter samples, if four of them have gold above cut-off grade and one has zero gold, we can still include the one with zero gold in our Resource model (one crappy sample out of five samples total is 20%). This work is the realm of the Geologist. Hope that helps.