Ann: Scoping study underway for Ironbark gold deposit, page-12

I found a handy report from Argonaut for the March quarter of 2024. The first two mines on the list are showing a negative AISC due to them including credits for byproducts like coper or silver.

The cheapest operation without byproducts is located in Mt Magnet (Murchison region, close to Meekathara) coming in with an AISC of $1,030 owned by Ramelius Resources.

Open pits are generally cheaper, depending on the grade. Based on the figures I think a high grade easily mined open pit resource such as Ironbark could be mined at an AISC of $1,500 or less. Based on grade I see us as more on par with Ramelius ASIC $1,030 but estimate a higher AISC to allow for unknowns.

There are not many open pits with grades above 3g/t on the list, although many of them probably don't report AISC.

2024_Q1_Aurum_Analytics_Quarterly_Gold_Report_Final.pdf