Ann: Gabanintha Pre-Feasibility Study and Maiden Ore Reserve, page-74

Its a PRELIMINARY feasibility study, off a base case everybody acknowledged was very good. Why do you expect a radical change in the numbers off an already good set of numbers? The PFS will be further refined and they will continue to look for avenues to improve it leading up to the DFS.

Key point is it still remains FEASIBLE, particularly so, and with good returns likely.

Now the PFS is down on the table, potential offtake partners etc have reasonable resource numbers and likely grades to work with. Bankers and other funders have reasonable potential operational numbers to work off and also timeline guidance.

This is a necessary and essential step to progress. And it can now be ticked off.