Ann: Quarterly Activities Report, page-5

"The North pit wall extension forms part of the mineral inventory for the Tick Hill open pit
cutback and the results released today have further de-risked the open pit cutback project.
The Tick Hill open pit cutback is forecast to produce 63,300t @ 6.1 g/t for 12,500oz
generating pre-tax cashflows of ~$15,000,000 at AISC of A$1,190/oz.

Carnaby is actively pursuing development options for the Tick Hill open pit cutback and is completing additional
permitting requirements. A decision to mine and / or agreement to divest part or all of the
open pit cutback project is continuing to be evaluated and discussed with 3rd parties."

Gold is currently sitting at A$2400 an oz, which would make the forecasted cashflow nearly double if they managed to start mining in these conditions.

This is massive.