Ann: Quarterly Activities Report - September 2023, page-43

Ord Minnett expecting a tad higher cash of A$118m vs yours to exit March quarter, selling a combined 29kt metal at A$3150/oz Au. Here are the rest of their expectations:

Peak: Expect production to be materially higher this quarter with an uplift in gold grades over 2H24, consistent with company guidance.

Dargues: Production expected to begin declining (-10% QoQ) on lower grades as Dargues approaches end of operating life (OMLe: SepQ 2024).

Federation: Looking for commentary on development progress and long-lead items / contract work (i.e. raiseboring), with the key focus being whether the project schedule remains on track.