Ann: Investor Presentation - Entitlement Offer March 2019, page-14

grade is king

they have the grade, need to convert more of the inferred to indicated and I would like to see at least 25,000 ounces measured.

at 250,000 tpa with OP grade of 3.5, lets call it 3 recovered is 25,000 ounces pa. AISC could be around $1000 given the grade

CAPEX could be $30m so payback under 2 years , possibly 18 months or less.

upside is of course the underground which due to the grade of 8gpt could see AISC sub 800 on possibly 60,000 ounces, maybe 100,000 with continued exploration success

Scoping study due by weeks end, I bought more on market at 9c. Its risky , but the underground potential is compelling esp as the lodes are 3 to 5 m thick