Ann: Placement Completed Appendix 2A and Cleansing Statement, page-42

Look I am biased but I would point out the following regards to your comments:

CMM have 1.5Moz of resources and 900koz of reserves at 1.1g/t and an 8.5 year LOM at 3Mtpa. They have a strip of 4.8:1.

We have 700-800koz in the measured and indicated category at Withnell centre at 1.8g/t. This should expand after next JORC updates I think. I can definitely see a path to us having the same level of reserves as CMM.

Now some have questioned viability of our ounces but 70% higher grade gives some wiggle room regarding strip. I think Withnell and Mallina should have ok strips anyway though.

So the question is, is one worth 10x the other?

Let me be clear. This isn't a conversation about or endorsement of management and their capital raisings. We can say they have been shit. But most of the money has been going in the ground and my argument is this creates value MT even if price does not agree ST