Ann: Termination of Sprott Facilities, page-19

IndexFund: Here's the rough forward numbers (based on GPR's CR presentation of 14/12/20 - copied below) and the recent GPR statement of a MATERIAL increase in project costs. Material will mean at least 20-30% CAPEX price inflation. There will also be operational cost increase which I won't consider as we're not doing NPV's here. SO, with an original project cost of A$329 million (their presentation) this means GPR need an extra project funding of at least A$65 - 100 million. Doesn't sound too bad until we add in that they've also lost access to the Sprott project funding of A$150 million. So GPR will now be seeking NEW project funding of at least A$215 - A$250 million. The delay will also have added in time based costs and for the sake of argument let's call them 10% (since we don't really know what those are) taking the GPR project funding requirement up by say A$25 million for a total of A$240 - 275 million. Or a minimum revised total project cost of A$380 - A$415 million. WOW! Even with the gold price increase, that'll be hard to justify and will also have to build in a risky assumption about long term gold price. NPV will also reduce with the likely increased operating costs. So the existing shareholders will therefore have to decide whether they want to fund the additional spend and take on the additional future operational risk. After being burned in the very early stages of this project it would be reasonable to think that shareholders will have low appetite ... in which case substantial 3rd party project debt is very likely required; in what is clearly a risky construction price environment and a higher risk country jurisdiction requiring higher finance premiums ... The end logic of this says GPR needs a bigger measured gold resource (as debt assurance) and robust consideration of how the development and operations are phased to get the returns high enough to attract the financier... Hope this helps...