Ann: Scoping study underway for Ironbark gold deposit, page-11

Hi Rico, a more realistic AISC for a mine+processing operation at the moment is between A$1500-2500, and would be toward the higher end for a smaller-scale deposit of 100k oz. It is usually not worth building a processing plant for deposits smaller than 1moz due to the capital costs involved, and the cost of borrowing that capital. Building a processing plant can easily set you back >A$100m. Third-party processing is the right choice especially in this location with plenty of options nearby, and a decent high-grade component to the ore making trucking worthwhile. At current gold prices anything over 1.5 g/t is worth trucking up to 100km.