Ann: Reward Gold Mine Progress Update, page-3

A nice update today. It was missing some finer details so I have emailed Roger and Tully and will share if anything of interest comes out of their response. There are quite a few positive developments in this announcement that should make a major impact to the overall project. My main takes were:

- We've seen a two month delay in accessing the Morning Star mine but things are now progressing quickly on the new plant and full steam ahead.

- The introduction of an ore sorter is a smart move and could potentially increase the head grade to 20g/t plus, this will be great for the overall metrics of the project and is a game changer if there was ever a second mining front at Fosters. If we could fill the mill at 120,000t @ 20g/t there could be potential for a 65,000oz+ pa operation which is well over $200,000,000 in gold sales around current prices. It shows you just how much torque the project has to any exploration success once they have the new mill in place.

- The reduction to the adit works is very interesting. I guess they are only planning to increase the access heights around the ore body where they will need to drill and operate etc. This approach should save considerable time and money and hopefully will have them mining and exploration drilling much quicker than previously which is exciting and very positive for the overall metrics.

- An updated PFS will follow once they have the new flow sheet finalised which should show improved financials and increase the already sky-high IRR.

Its amazing we've had so much progress and derisking events recently and are sitting at near all-time lows and still sub $10mill market cap. VTX continues to be the cheapest Gold stock on the ASX atm, more so than ever before IMO.

GL