Ann: Quarterly Activities Report, page-8

HEDGING As at 30 June 2021, SilverLake’s forward gold hedging program totalled87,500 ounces, to be delivered over the next 12 months at an average forward price of A$2,337/oz. No additional gold hedge lines were established during the quarter.

Table 6: Silver Lake hedge book at 30 June 2021

		Total	Dec-21 HY	Jun-22 HY
1	Ounces Hedged gold price (A$/oz)	87,500 2,337	42,000 2,333	45,500 2,341

Group Finance

Silver Lake’s cash and bullion increased$10 million during the quarter to $330.2 million at 30 June 2021 with no debt. Cash and bullion at 30 June excludes gold in circuit and concentrate on hand of $11.1 million (valued at cost) and listed investments valued at $11.4 million.

Key cash flow movements in the quarter included:

• - Net cash inflow from Mount Monger of $16.5 million

• - Net cash inflow from Deflector of $33.2 million

• - Capital spend of $30.9 million, including $14.1 million at Deflector, $10.7 million in Rothsay underground development and mining and $5.0 million of overburden and pre-strip at the Atreides and Tank open pits

• - Exploration spend of $2.9 millio