Ann: WA Mining Club Presentation-BLK.AX, page-7

Hi Spec,

Yes i agree, fantastic presentation, a great read indeed!

The oxide free milling hopefully is a great way to start up with limited risk as they say, and pay debt and bank cash, we will know soon enough if their seemingly brilliant strategy works, i remain very confident

2 years from now moving to say 80% sulphides/20% oxides as per mine plan is going to very interesting indeed i feel and have mentioned on numerous occasions here....Why because the history of this mine under correct management has produced between 4-8.5 g/t more or less its entire life, even Apex produced 1 quarter at 6g/t?

A possible produced grade of 4-8.5 g/t i think is amazing if more towards 8g/t can be achieved again, there is 3.3m/oz of resource with reserves currently at 5.8g/t already and with real scope if they hit another Bulletin style deposit at 7g/t for this overall grade to be lifted?

Also i don't know if many have taken into consideration of the potential over the next 2 years of them adding or stabilising their additional 50k/oz p.a from high grade quartz reef targets that is not added to DFS production numbers yet?

So IMO there is real scope for this bad boy to be 150-200k/oz p.a after year 2 onwards, and if this is the case the AISC of $1140 for 100k/oz p.a sulphides in year 2 onwards will be significantly less than in the DFS and more like $1000...

These Geos have done a brilliant job to date with current resource, and i have full confidence they will unlock the riches from Wiluna similar to its history and recover those good mets left, as you say fantastic plan allowing 2 years to build the correct resource the plant needs and IMO this has real potential to be a high grade producing mine at 6-8g/t?

Also the emphasis on key factors like the $15m spent on new flotation for the sulphides completely changes this plant, it will go from using 20+ year old technology to more improved and up to date similar to when the BIOX was first installed in 93' was state of the art, clearly this will improve the overall process and helping throughput and improve recoveries? And this combined with new diesel and gas gensets?

This management team is brilliant, and i feel this is just the start of this company fly with these guys at the helm, but we will know soon enough forsure by Sept!!