Ann: Scoping study underway for Ironbark gold deposit, page-10

TOLL MINING

Each step in the process can vary depending on the type of ore, the processing technology used, and the agreements between the mining company and the toll processing facility.

Ironbark, being shallow, easy to mine. high grade, near surface and well located, should fall on the lower end of the cost scale. We would have almost one million tonnes of ore to process for 100,000 oz.

The toll mining process typically involves several key steps with estimates shown alongside based on my research (I'm no expert so adjust as you see fit):

• Ore Extraction: The mining company extracts ore from the ground using surface or underground mining techniques.

Ironbark estimate based on quality $10-$50 per tonne

• Transportation: The extracted ore is transported to a toll processing facility, often via trucks or conveyors.

$5 - $15 per tonne

• Crushing and Grinding: At the facility, the ore is crushed and ground into smaller particles to prepare it for processing. For high grade ore estimate $10-$30 tonne.
• Processing: The ore undergoes various processes, such as flotation, leaching, or gravity separation, to extract valuable minerals. For high grade ore $20-$50 tonne.
• Refining: The extracted minerals are refined to achieve the desired purity and quality. Cost is normally included but can add $5-$10 tonne
• Waste Management: Tailings and other waste materials are managed and disposed of according to environmental regulations. Estimate $5-$15 tonne
• Payment and Reporting: The toll processing facility charges the mining company based on the amount of ore processed and provides detailed reports on the output.

Summary: With other miscellaneous costs including administration of $10-$20 per oz total costs could range from $65 - $190 per tonne. For one million tonnes $65 million to $190 million for net profit of $310 million to $425 million. I was surprised with these figures and would lean more toward the estimate in my earlier post this morning for profit of around $300m for Ironbark 100,000 oz.

Please anyone - feel free to adjust or poke holes in my estimates.