Ann: Pennys Find Gold Mine -High Gold Grades in Fourth Campaign, page-25

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Published on ASX 1/5/18. The JV agreement with Blue Capital Services Pty Ltd to fund mining costs up to a maximum of A$7.5 million of which $877k is outstanding at quarter end.The JV owes a facility fee for the cost of finance of $4.0 million (These balances relate to 100% of the JV - ERL owns 60%).

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6
0	ERL Announcements					Est Costs
1	Published ERL 31/12/17 Interim Report Dec borrowings JV Blue Cap		5,663,176
2	Other loans					277,927
3	Director loans					339,159
4	Blue Cap facility agreement Feb2018 extension to 28th April		600,000
5	Blue Cap facility agreement extn to 15th May		No costs indicated Esti	600,000
6	ERL Annual Report 30th June 17. The cost of this funding, dependent on the amount of draw down, is pro rata up to a maximum of A$2.3 million payable from free cash flow…….Not sure I understand fully but lets assume	Max Payable	2,300,000
7	Published on ASX 1/5/18. The JV agreement with Blue Capital Services Pty Ltd to fund mining costs up to a maximum of A$7.5 million of which $877k is outstanding at quarter end.The JV owes a facility fee for the cost of finance of $4.0 million (These balances relate to 100% of the JV - ERL owns 60%).		4,000,000
8	Surface Mining Expenses 6mths ending 31/12/17		6,829,321
9	Assume ave-mthly costs continued until pit bottom May	5	1,138,220	5,691,101
10	ESITMATED approx Costs to end of May 2018				19,471,363