Ann: Results of Meeting - 2020 AGM, page-9

Thanks for attending @KKR and your work in communicating the important bits of the Q&A.

With the due diligence and going back to first principles described here :

The methodology we took to this from first principles up. Our team and a handful of selected trusted advisers, rebuilt the geological model from the wire frames up on this asset. We built our geological model, we re-ran all the stoping shapes and optimisers over that. Redesigned the mine and costed it from an OPEX and a capital perspective on how we believed these operations should be run and we have taken into account the costs and exercises required to drill out and extend the mine-life beyond the existing 5 years. With that in mind that comes through to cash flow over the mine life...

I have two comments to make, firstly upon reading that you would be inclined to think that the previous operators Diversified Mining and Pybar must have make some mistakes in operating the mine so far for the whole exercise to demonstrate that the operation would have been profitable if operated in a "perfect world" with 20:20 hindsight, all great on the PC screen but has to be translated into real life drill holes, stopes and tonnes and grade. I would love to see their full working on this homework to demonstrate this. If its really under drilled and under explored then some of the assumptions made in AMI's optimizations could be subject to change and surprises could await us when the resource and/or exploration drilling commences, hopefully upside surprises and no downside surprises....

And secondly - as other media sources have described - a robust defense of the acquisition from AMI management, they well and truly own this decision, but I hope they aren't so distracted by this new project that they don't keep an eye on the other operations as well.