Ann: PFS demonstrates technical and commercial viability of RGP, page-4

Initial call outs:

• Headline figures look ok
• 9yr LOM - very good
• Discount rate 7% (ok)
• Metal price and AUD assumptions look ok (the recent spike in metals have helped)
• Capex - $163m (AUD) in start up capex which includes 7.5% of contingency (might be a bit on the light side)
• The mill will run at 1.5m t/pa (reasonable capacity)
• 1.8g/t AU (ok) @ ~95% recovery (recovery rate - more work required form them to validate)
• Metallurgy - a bit iffy (needs to be shored up)

Metallurgy
They state a lot more work is required to validate the recovery grades. They go into detail of this from page 32-39.
The proposed plant (Standard CIP then Cyanide leaching) would provide a gravity/float/leach process to accommodate processing 6 different types of ore over the life of the mine. It looks like in any one year of operations there will generally be around 3 different ore type going through the plant so they'll definitely want to get a high level of confidence around the best process flows to maximise recovery rates each of those ore types.

I haven't had chance to review in detail but on first glance it looks quite a reasonable PFS.... no big concerns in their assumptions.