Starlight EBITDA $126.5M - $197.3M

Starlight free cash flow (conceptual guesstimate) based on peer group scoping study recently completed to the north for extraction of 175,000 tonne open pit at 4.14 g/t gold.

Starlight strike length is 115m x 25m width x 250m depth (open beyond this depth) = 1,940,625 metric tonnes. Conceptual study to strip 2 meters of overburden and extract 200,000 tonnes (12 month campaign) at a theoretical grade of 8-12 g/t gold (recovered grade). that is 7,762.5 tonnes per vertical meter, so open pit depth is a very shallow 27.76 meters (including 2 meters of overburden).

Administration, wages, permits, utilities $75,000 per month x 12 = $900,000
Operating infrastructure including power $40,00 per month x 12 = $480,000
Direct mining costs $10 tonne x 200,000 = $2,000,000
Drill and blast costs $1 tonne x 200,000 = $200,000
Grade control costs $4 tonne x 200,000 = $800,000
Transport costs (125km 15c tonne per km) $18.75 tonne x 200,000 = $3,750,000
Processing cost $35 tonne x 200,000 tonnes = $7,000,000
Total CAPEX + OPEX = $15,130,000

Gold 8 g/t au 200,000 t. = $53,333 gold ozs. @ US$1910 / A$2,655 = $141,599,115
Less $15,130,000 = $126,469,111 free cash flow
Gold@12 g/t au 200,000 t. = 80,000 gold ozs. @ A$2,655 = $212,400,000
Less $15,130,000 = $197,270,000 free cash flow

Conceptual Study only, do your own Due Diligence