We were given a due diligence update for the Alaska projects in...

We were given a due diligence update for the Alaska projects in the announcement on 23 November 2017. This was reiterated in the quarterly on 30 January 2018.

We were given an exploration target of 1.1Moz to 2.2Moz. Taking this data I have:

• Calculated estimated extracted value (i.e. revenue), cost and margin for the exploration targets above
• Calculated estimated in-situ value as measured, indicated or inferred resources

Revenue has been estimated in the range AUD $1.84B to AUD $3.69B for margin in the range AUD $932M to AUD $1.86B.

For initial (inferred) JORC resource estimate in the range USD $8M (1.1Moz) to $16M (2.2Moz) and this climbing to measured JORC USD $108M (1.1Moz) to USD $216M (2.2Moz).

Once project progresses from exploration to design/construction stage project value will naturally increase as the project is derisked and forward earnings are taken into account.

Assumptions/notes:

• Used exchange rate of 0.80
• Current gold spot price of USD $1,341 ( AUD $1,676 )
• Resource valuation metrics have been sourced from 2017 data published by Edison Investment Research.
• Using anticipated timeline for exploration programme I've annotated the results with indicate date (year) for value.
• AISC data taken from Newcrest ASX data 30 January 2018.

Indicative timeframes above are derived from the following exploration timeline:



Data used for All In Sustaining Cost: