Ann: Takeover - extension of offer period, page-21

Gwahir...we are certainly entering interesting times with the gold price at current levels. I have taken figures from the Chairman's Message and on the assumption that TIE produces 170k ounces annually (from 1st April 2024) with a gold price of $2200 and an AISC at $982 this should produce a post tax FCF of A$198 million. On current shares in issue of 1.13 billion this equates to 17.5 cps at current exchange rates. To be conservative I have cut this figure by 20% to take account of overheads, capex, serious exploration etc and arrive at a back of the envelope calculation of 14 cps. Naturally this magnitude of FCF will present the Company with many options including share buybacks , "cheap" project acquisitions in CDI or Liberia and dividends. I see no reason why a dividend of 6 or 7 cps in June 2025 could not be achieved.