Milling the 1.03 g/t stockpile is marginally profitable at $2500...

Milling the 1.03 g/t stockpile is marginally profitable at $2500 AUD/oz given sunk mining costs. Although the extent of the stockpiling resulted from the prior management "panic" to boost gold output with little regard to costs, some stockpiling is necessary for efficient milling operations. The recent announcement on planned drilling at Callion is a good sign and perhaps recognition of some deficiency in the DFS reserve/resource estimates. My expectation is that OBM can be a profitable gold producer at around the current grade of 1.8g/t assuming $2500 AUD/oz and smarter operation/cost control, the ORP points to that.