extension of gold support, page-7

EL,
P Hill is interesting in it's geology. There is a significant gold resource in the Kalaya zone (b/n the open pit and Ankata). The drilling results seem to indicate a large Gold resource in the top half of the Kalaya zone and a copper resource in the bottom half of the Kalaya zone.

Also, OZL has 6.7mt of Gold only ore on the ROM pad. This is growing. I would not be surprised to see a study for a Gold only processing plant using the ROM ore and ore from the Kalaya zone.

OZL may become a Copper / Gold play at 60/40. Remember, OZL currently has 6.3moz Gold in total resources at P Hill. A plant mining and producing 500,000oz of Gold a year could generate $1/2B in cash flow per year for 12 years (assuming POG is $1,500oz and C1 costs are $500oz). Capital to do this would be minimal (relatively speaking)- a lot of the infrastructure is already there. They are already drilling the top portion of the Kalaya zone to convert the inferred resource into indicated and measured.

MX,
Good graph - but it must asymptote at some point in time. Where that point is, is the unknown..

HT1

HT1