Charts, page-5

Grizzle, Novo will do trial mining at Egina with results starting around June 2020. It's all being set up now. They have separate teams for designing the equipment flowchart, heritage clearance, environmental permits, and exploration permits. Novo will run different configurations of equipment to determine the most economical way to extract the gold. Novo already has 2 mining licenses on the Farno property and has a good relationship with the Natives. By the end of next year the economics of the lag gravels should be worked out. De Grey gets 20% on any profits generated on the De Grey/Novo JV. There's an estimated 1000 square kilometers of lag gravels in the JV. In my prior post, using Novo bulk sample numbers, I projected 16 million ounces of economically recoverable gold. De Grey's share would be 3.2 million ounces. And De Grey doesn't have to pay any costs of production. Just like getting a big net smelter return every year for many years. If Novo proves the lag gravels are very economical, then De Grey becomes a prime takeout target. The more I look at this, the better it looks.

This is not a recommendation to buy. DYODD.