Ann: Scoping Study Results Highlight Potential for Long Mine Life, page-52

How do we know there is no t/o behind the scenes - was this in the webinar? I missed a part of it.

Either way, the majority of t/o's come post DFS, so there would no point engaging beforehand.

A good announcement, and great that they are targeting 80,000 ounces - that's a 33% increase on production, so very sold leading into the DFS.

Market did not react as we hoped today, but not surprising - lockdowns, a red day, gold sentiment low and of course, waiting for the DFS which will be the market maker. We need a lowish AISC and good profit margins which will be recorded in the DFS - if positive, then the re-rate should commence from there. I still believe USD $1,000-$1,200 range, which would leave healthy margins on 80,000 p/a.

IMO the DFS would be 99% complete, and words in the webinar today saying they are waiting for finalisation were likely said to protect themselves - JAC seemed very confident of low AISC and profitability, and given they are already discussing specific financing options, I would imagine we would get offers within the next fortnight.

Only 6 more trading days at most to wait...