Ann: Quarterly Activities Report, page-30

First half performance will be lower than the second half because the higher grade ore at Karonie south will come in the second half. All up about 620,000 tonnes of dirt was mined for around 24,500 ounces for around 1.2g/t.




The reserve at Karonie is 1.6g/t as at 30th June 2020. The means the remaining grade is around 1.8-1.9g/t tonne which should see production at Karonie of around 35,000 ounces assuming the same mining rates, which equates to an increase of around 10,000 ounces from Karonie in the second half - assuming current gold price of $2,400 and all other things being equal this should see revenue lift by $24 million with most of that going straight to the bottom line less royalties.



Deflector was slightly down due to decline development of the south west deflector lodes which will increase grade significantly. So small price to pay in my view given the upside out of deflector.



The other thing I though that looked quite promising was that Rothsay had a face grade of 8.7g/t on its development ore as opposed to around 3g/t or around 50% forecast by Egan resources back in early 2019.One face grade is not the whole orebody but if the mine grade outperforms the reserve by even 1g/t that will increase output significantly. So exciting times on that front.





Looking forward to drilling results and the upcoming reserve/resource upgrades.

GLTA/IMHO