Ann: Corporate presentation - February 2019, page-7

Hi 201 

No AISC of $A1200 oz is below average.

The worlds largest  gold miner Newmont’s AISC was around $A1300 in 2018. While Australia’s largest miner Newcrest 2018 AISC was just under A$1200. Most smaller gold miners have much higher AISCs.

According to a Mining.com article written in April 2018 average global AISCs were $1337 per oz in the 3rd qtr of 2017 - which means that Moy’s expected AISC of btn $1300 to $1375 in 2018 is average.