Ann: Takeover - extension of offer period, page-10

The median price of gold for the month leading up to the TO offer calc baseline of (26/9/23 to 27/10/23) was USD $1,887.30/oz and the average price of gold was USD $1,901.05/oz.

Thereafter (from 30/10/23 to 1/12/23) median price of gold has been $1,986.40/oz, with the average being $1,988.66/oz. On the POG alone this represents a 5% increase when comparing the median / average.

Providing the median / average gold price is maintained in CY2024, Tietto is expected to produce 170koz of gold at an AISC of US$1,085/oz meaning extra cash in CY24 of 170,000 oz @ $100 USD/oz = $23,000,000 extra free cash than envisaged at time of making its lame offer.

Do nothing and reject the offer...