Ann: White Dam Gold-Copper JV Project Update, page-11

Strange trading day today - huge volume for GBZ, made up of two trades. A buying line wipe at 10.5 of 1.04 m units (similar to Tuesday), followed by a dump only 25 minutes later of 1.44 m units at 10.0. Would be good to see the broker data for this week. Traders doing well today.

In other news, drilling at White Dam Vertigo kicks off soon - "Further drilling of the Vertigo pit (approx. 4,000 m) is expected to commence in late April 2021". I am keen to see the conversion rate from inferred/indicated to measured on Vertigo, as this should be mined first up. There were a few lower grade hits shallower on the previous drill cores (see VG009), so there is some upside to gain additional ounces shallower within the planned pit shell. Curious to see what copper grades we are looking at, as copper is effectively a profitable by product with SART combined with copper punching ~11.5k AUD/t.

Also note PR says "we are looking forward to making a decision with respect to our option to purchase 100% of the project and its assets by May 2021". Could purchase a bit early once they've banked Round Oak's share of the drilling costs? Would make sense if White Dam is profitable to move some of the profit into GBM's balance sheet prior to annual reporting.