Ann: Quarterly Report Q2 December FY20, page-13

Could you possibly cite your information re Simberi Sulphide not being economic? Although SBM have not released data this data was within the Allied Gold PFS re the Simberi Sulphide Project:

1) Capex: AUD$278m
2) POG assumption: AUD$1,250/oz
3) Pre-tax NPV: AUD$334m

What would the above numbers be today? The POG @ AUD$2,200+ would make the NPV move up materially.

1.4m ounces of Reserves are also very material. I would conclude that the Simberi Sulphide Project has to move forward.

Moving to Gwalia, the company has previously stated that it will achieve steady state production levels of around 230k ounces pa going forward.

Finally, progressing the Atlantic Gold assets will further add to the value proposition.

I certainly will not be selling out of SBM due to a short term view.