presentation, page-9

Please remember that the previous lengthy BFS stated that at AUS$800/oz the parameters were :

Tonnes Mined 4.5 Mt
Grade Mined 2.38g/t. Au
Ounces Produced 304,000oz
Production Rate 70koz Au/pa
Cash Cost A$513/oz
Start up Capital Cost A$43 million
Cash operating margin A$287/oz
Cash operating margin (hedged) A$367/oz
Net cash flow A$81M
Net cash flow (hedged) A$105M
IRR 27%
IRR (hedged)42%

NB. AT that time, their market cap was $50m. The gold price is now AUS$1156. They were envisioning themselves to be a a 70,000 ounce a year producer but the fall in AUS$ sidelined the Nullagine project.

The only variable here is finance.

"Sensitivity analysis shows the project is most sensitive to gold price. Risk can be mitigated through the employment of flat forwards or derivatives to ensure revenues. A 10% upside movement in the A$ gold price raises our valuation by 10cps. The use of 160,000 ozs of flat forwards over the first four years has been included in the valuation calculations.

Producing at rates in excess of 70,000 ozs per annum, we estimate an operation spanning 7.25 years producing total revenues of $502m over the life of mine (LOM) from the production of 603,000 ozs of gold. Total cash costs average
$518 per oz (due to slightly higher grades factored into calculation) before depreciation and amortisation, which average $84 per oz for a total cost of $602 per oz."

http://www.millenniumminerals.com.au/docs/reports/101/WB151206.pdf

MOY's resource is measured and even on the 04/08 they announced that their resource has grown by another 45,000 ozs. i.e with the addition of the five Golden Gate is now estimated at 1.15mt at 3.13g/t gold using a 0.5g/t cut off for 114,000 ounces.

Nullagine's total resource now stands at 28.1mt at 1.26g/t gold from 1.14m ozs.