Ann: Quarterly Activities Report - September 2023, page-40

There's lots of talk of the excellent prices for gold and copper. If you take the H1 revenue of $147 million as a basis for comparison with this quarter, you can see the effect it will have. Using the guidance production for FY and subtracting the first half, by my calculations at today's metal prices we would get around $180 million for H2 or $90 million for the quarter. Of course there is a little more production in the likes of copper but even so much of the increase is due to the better prices. By the way I used $3200AUD for gold. There's strength in the S.P. and I hope this is simply a reflection of a successful quarter. I liked it that as part of the recent Federation exploration results, it was confirmed we are on track for Q1 2025 initial production. That's also an excellent result just north of the current Federation resource so what lies below that find will be mightily interesting. Could we see a great quarterly and a S.P. of 20c?