Ann: Operational Update, page-57

In the Dec 2021 half year report....they had booked a cumulative total of $63.9 m for exploration, evaluation and development.

Developing 3 or 4 mines....none of which are any super pit, that is for sure...... this amount of expense, has made it a near impossible task for the company.  This figure is not some carry forward from past years, or a past company expenditures - but just the last 20 months or so,....I checked back to mid 2019,  where such costs where THEN small.

$64 m cost verse gross gold sales revenues of what - about $220m  I think.  It was never going to work out well.

If you look for these costs in the quarterly reporting - they would be booked as CAPEX sustaining.   (NOTE capex wording for a reason one off - )

The company say stage 2 at Missouri is now complete and the ore is readily accessible for mining. (Missouri grade excellent at circ 2.5% It would seem plainly obvious that mine development costs are behind them, at least for some time.

I have a 40% reduction in fleet resulting in mining cost reduction of 25%  - some fixed cost in the field mining operation.....and a 20 to 30% cost reduction in headline mining is a bit of a guess, I acknowledge, however it seems like alot of this plant was being used for mine development, so very unlikely see ore production suffer.

Very confident here, with this stock close to cash backing. Sept quarter should be a boomer for the company....seriously looking at $10m free cash for that 3 month period.

Aussie dollar down to 69.1 cents.  The opportunity here has been presented by capital raising at higher levels. No good, not acceptable really to those who coughed up at higher levels - have genuine empathy, I have certainly been there....but it is what it is. And a fantastic opportunity at 3.3 cents