Ann: Quarterly Activities & Cashflow Report-CTO.AX, page-8

Troubled said "The gold is definitely there and eventually someone is
Going extract it." To quote a famous song : "It ain't necessarily so". I remember circa 1998, when they were called Charters Towers Gold Mines I think, that they put the Central Decline down to mine the old stopes packed with low grade ore (last mined in circa 1910) so they thought. Wrong! It was waste. They went bust. The 11 million ounces is purely speculative based on unproven resources with very little drilling. As I've said before, they probably might have 1 million ounces accessible from the Central Decline deep below the Day Dawn, Brilliant and Queen reefs. This mining will be expensive with much decline development in waste for zero dollars return. My thoughts and estimates only. DYOR.