Life of mine Koolan Island, page-23

the last quarterly call addresses the slide above.

- satellite pits are of option value only if the IO price is significantly higher. Hence I currently ascribe very little value here

- the remaining high grade in the main pit is also subject to IO price conditions. This tells me there will be significant cost in removing overburden, and there is also risk as to whether this is technically possible to mine. Hence I have downgraded my expectations of accessing much of this material.

the fact that major shareholders are looking to liquidate is not going to help in the short term, as well as the fact that any dividend will be unfranked.