Ann: Strong results enhance high-grade lode system, page-25

Thank you jman0076 I am sure everybody else also appreciates your input. I have lowered expectations back to 1.5Moz - 1.7Moz for now.

My thoughts were that the pit is materially longer and that these areas will have moved from Inferred to Indicated which will need a much lower discount. That alone should add at least 200koz to the 2018 1.1Moz Resource estimate. The pinched area would have necessitated pit wall angles causing a lot of missed ounces on the 2019 mine-able discounted figure. Because it is so much wider I would hope for a deeper pit in this area including a decent amount of ore tonnage.

Other areas of the pit are materially wider especially in that very narrow area about 75% (of strike) to the north and to the south. The south looks longer and wider too yet I have insufficient data to really evaluate page 2 pit areas in the 9th March 2021 release. Kopai must add more ounces however again I have insufficient data to assess your guestimate of circa 200koz from memory. My raw guess was to start from 1.1Moz not the 981koz figure because this is a global resource rather than the low ball 981koz number aimed at a diluted pit model.

So it comes down to the UG which is higher grade - and the outstanding holes and length of those flat lodes (with joining sub-vertical lodes too) in the north extending out beyond the pit shell. Because these UG lodes are wide and multiple I had hoped for 500koz (about) but happily stand corrected by a qualified view of all this. Can it all cause a re-rating from the current under valuation back to a more realistic market cap in line with the fresh news as pondfish displays (thank you for that)? I think the apparent lack of progress has been over played in the share price. Money does not sleep and would have been leaving for greener pastures with better news flow where progress has been more obvious.