Ann: Option to Acquire 1.5mtpa Milling Facility, page-12

During the March 2021 quarter, the above capital cost estimates will be revised to determine the cost impact
of exercising the Option. Furthermore, Black Cat is actively looking to acquire other good quality, pre-owned
equipment that may result in additional capital cost reductions.
Accordingly, future studies are expected to vary from the November 2020 Study due to a number of factors
including:
• Change in gold price;
• Increase in initial mill capacity;
• Reduction in initial capital expenditure;
• Reduction in unit operating costs;
• Re-optimisation of mine plans in line with the potential increase in initial mill capacity; and
• Inclusion of initial Ore Reserves.