Ann: Quarterly Activities Report, page-6

My unwanted 2c worth...
1. Gold price is just amazing and doesn't look like stopping! Looks like we're well placed to take advantage of this unhedged book with our production going back to a reasonable level. With no major costs coming up, we are in the position to stay unhedged.

2. Cash has gone down by about $3M from $5.88M to $2.59M and bullion has gone up 1,000oz, so about $1M gain in 3 months. Not sure how we've spent $19M of the $16M we've had in gold receipts? The cash costs seem ridiculously high and that doesn't include royalties or stock adjustments, seems to be because of above average rainfall and maybe some of the remaining pre-stripping at Macphersons. But it's gone from about $1,200/oz back in 2021/22 and $1,500/oz in 2023 to $3,300/oz this quarter?! I understand labour, material, consumable costs have all gone up but that might make it say $2,000/oz, so surely rainfall and a little pre-stripping doesn't cause the other $1,300?

3. The company needs to put a strategy together for next winter to prepare for above average rainfall. Whether it's process plant upgrades, preparations in the pit, whatever, surely it's worth it in the long run to be prepared for events like this. Unless there is literally nothing they can do to avoid the crazy cash costs and lower production numbers?

4. Why is Timor Leste exploration hidden in the quarterly? Seems to be enough new information in there to be a stand alone announcement, but we're choosing to hide these exciting prospects at the back of a quarterly? What's the next steps here in terms of expected dates, results, etc? All their other Aus tenements are the safety in the share price for me, while Timor Leste is the upside I'm holding for. And I think a lot of shareholders feel the same, so let's start getting word out there.

5. People over the last few weeks saying the share price has nothing to do with the directors are very naive. Something needs to be done with the share price, we can't keep saying stuff like "we don't have the mine life to spruik it", "we don't have the exploration potential to spruik it", etc etc. because we've got an 8+ year mine life (waiting on a MRE) and huge potential in Timor Leste, so what's the excuse for the share price now? We have a lack of institutional buyers and yes it's because we're a micro-cap company, but there's tons of companies that get big funds etc on board to lift and support the share price and I'm sure if we started being savvy on that corporate side of things, we could quite easily have some big players involved. Shareholders need to start seeing returns for their patience now that the directors have done such a good job of building a decent portfolio of ounces and potential ounces.

6. Disappointed to see Lady Ida exploration was unsuccessful. Is that all of Lady Ida or just the Komodo Anomaly? Bit of information on future exploration at Lady Ida would be handy so shareholders understand if there's any potential there.

7. The beautiful thing about putting Brauninc on ignore is I don't see his weekly gold price updates, is he still doing it despite realising that people invested in a gold company would know the gold price each week?