Ann: Shallow, High-Grades at Star of Mangaroon & Popeye, page-56

Thanking yourself, Cpago, Bails and Kevin for interesting discussion and with the current POG it’s nicely profitable with some room for limited errors in transitioning to production, even with a 50-50 split with Black Cat feasibility sounds fairly encouraging. Question for Cpago about the other stock with 50k of ounces and outsourcing but only coming in with $30m FCF and the AISIC at $1600 must be USD for those numbers to be accurate yes no? therefore are they looking at $2400 AUD AISIC or am I missing unquoted working overheads. Ending with a MRE being the millions $ question and what’s down deeper to determine whether to eventually go it alone and gamble with the POG, 50-50 split is a big cut and maybe a more favourable outcome could be negotiated like 40- 60 with the potential of more in the growth of the resource being a good bet for BC8.