Will the Pearse North Deposit be Mined until end of FY '25

At a processing rate of 400,000 tonnes per annum, the 292,000 (estimated North Pearse resource estimate) should take circa 9 months to processs if their estimates are correct and they actually mine the 292,000 tonnes and don't commence on Pearse South.

Thus going on the Revised Pearse North MRE, there are 10.625 ounces of Silver for every ounce of Gold., yet the recovery ratio is closer to 1 part gold and 4 parts silver.

If the Gold recovery is going to remain at 85% (which it may or may not) of the Ore that contains an estimated 3.2gms/tonne then it would appear they are recovering circa 2.72gms/tonne of gold and that the recovery of silver is somewhere around 31.2% of the Silver or 10.61gms/tonne (*all things being equal).

Caution ................. I don't know the amount of Oxide or Transition or Sulphide Ore that has been processed so it is all just a Gestimate.

292,000 x 2.7 gms Au = 794,240 gms Au = 25,535 oz Au

and

292,000 x 10.61 gms Ag = 3,098,120 gms Ag = 99,607 oz Ag


Happy to be corrected on the maths and happy to hear any estimates on total costs regarding mining, extraction and admin.

Highlights:

• Ramp up complete: Crushingand grinding successfully ramped up over the last four weeks and consistentlyrunning at 50 tonnes per hour (tph), 20% above the original design.

• Gold recovery exceedingbudget: Gold recovery rates from oxide ore have consistently surpassed theinitial forecast of 85%