Ann: Positive Metallurgical Results Further Defines Flowsheet, page-25

DYOR.

Here's a quick scenario. I've tried to be conservative in the following ways:

1. Assumed that the starter pit is based on block A. We know this is the higher-grade part of the resource. I've assumed this accounts for 3.7 Moz of the total resource. They will add to this at time with extensions.
2. 60% conversion of resource to reserve.
3. 90% for recoveries ( test work indicates 92%+ )
4. AISC at USD $929 is I think conservative ( a rough 5 years of escalation on the AISC for Victoria Gold from their study )
5. I used USD $250M for CAPEX but AUD $250M might be closer to the mark
6. Allowed for the 2% royalty built into the JV
7. Used a 7% premium on the exchange rate.

At 200 koz pa production this would generate AUD $92M after-tax earnings for NVA.

I think they might achieve better AISC that the figures I have used.