Ann: Presentation - Red 5 and Silver Lake Resources to Merge, page-133

I watched the RED webinar. When asked about Silver Lake's assets, they were positive and talked about the low reserves to resource ratio and the need to increase drilling intensity to increase mine life visibility.

This has been done for Mount Monger open pit supply (Santa 300Koz reserve), which will provide base load feed for years, supplemented with high grade UG ore from multiple sources. It's also currently being done at the Sugar Zone (was mentioned that 47,000m drilling has now been completed of the 93,000m total).

By my calculations, KOTH life-of-mine based on current OP reserve will be near 10 years when/if the merger completes in June at current 5.5Mtpa throughput rate (not the 16 years often touted). This will further reduce if RED uses Silver Lake's cash and monetises it's RED shareholding to bring forward mine cut backs and to further expand the plant - discussed as options on the call.