Ann: Amended App 3Y Change of Directors Interest - M Rosenstreich, page-16

OK Details as per study on opex released April 2015.

Note that this was based on prior management so could change but is all we have to go on.

Key points:
: Strip ratio 3:1
: Mining costs per tonne mined $3.60
: Processing costs per tonne processed $16.70
: Selling costs per tonne of product $58.00

Therefore to produce 100,000 tonnes.

You need ore of 100,000 tonnes /4.2% grade or 2,400,000 tonnes.

Strip rato of 3:1 therefore means miming tonnages are 9,500,000 tonnes.

Therefore: mining is $3.60 X 9,500,000 or $34,200,000
Processing is $16.70 X 2,400,000 or $40,080,000 (3:1)
Selling is 100,000 X 58 is $5,800,000

Total is $ 80,080,000/100,000 tonnes is $800 opex.

Now not saying this will be in the PFS and past management pretty ordinary so am sure there will be refinement but this is the only thing that has been released so far. I haven't even factored in a recovery rate of 80% as well.

cheers