Coolgardie planned vs actual, page-9

I see we all troubled with 900k development capital vs 14.1m Greenfield development cost (stripping). There is some accounting nitty gritty here about how they record each number, cash vs accrued etc. I have tried to reached out to the company and was told more detail information will be available in the annual report.

The way I see it, the year 1 cost is comprised of two major parts: mill running cost and the Greenfield development cost.

In the original plan (2022 one) of year 1, we were expected to finish Greenfield development and mill running for roughly 8 months for the year (first 4 for stripping and stock piling etc). That would expect to occur a total cost of 59m.

In reality, we started stripping last July, which I took as the starting point of year 1. Then we used historical stock pile which means the mill started to run from month 2 rather than month 5. So to compare apple to apple ( ie finish of greenfield stripping + 8 months of mill running), I think the first three qrt total cost will be equivalent to planned year 1. That is ∼61m actual vs 59m planned. Actual year 1 total cost is about 81m based on my estimation but that's with the mill running extra 3 months than original planned.

Hope that answered some of your concerns.