Ann: Scoping Study Confirms Potential of Nyanzaga & MRE Upgrade-ORR.AX, page-4

Excellent result. Very low AISC and big increase in resource - again. I think the resource upgrade had more to do with the fact that the open pit will be quite large and with a low strip ratio meaning they could use a lower grade cut-off and hence more ounces. That was very good to see they could get 1.2mill oz from open pit. Agree this is still well undervalued. Again these guys underpromised/overdelivered. I was very used to that with Equinox from these board Members. You come up with a target price and as it moves towards it they come up with a good reason for you to have to raise your target. Good problem to have. I'm sure we will see plenty more reason to up targets over the next two years. I expect more ounces from nearby to add to open pit mine life could play a big part. Hoping the base metal project delivers as well because there's nothing in the sp for that yet and we have 100% of that one.