Ann: Appendix 3B, page-25

Love your optimism Midnight... 10 oz/t Au! If you don’t mind! .. well that blows away my measly 3 oz/t forecast ..

So let’s do some rough sums on our first stage 1 target production rate of 50,000t pa @ 10 oz/t Au = 500,000 Oz pa

Let’s say conservative AISC = $700oz giving $600per oz margin

500,000oz pa x $600= $300,000,000 ebit

Let’s say conservative 8x PE = $2.4bill mkt cap

400m shares = $6.00 a share

I won’t even bother ramping those number up cause by then surely we no longer exist as Anglo, Kinross or a number of others have scrambled to gobble us up..

Even on my more conservative numbers

150,000 Oz pa x $600= $90,000,00 ebit

8x PE = $720m mkt cap

400m shares = $1.80 a share

Early days I know but Jeff and the team have continued to derisk the story (including months of independent validation) and yet not one skelton has been found.. I’m a glass half full kinda guy who’s not about to let this one go without a decent position! ..

good luck to all this promises to be a wild ride!!!