Ann: Investor Presentation - RIU Explorers Conference Feb 2019, page-4

I don't see GMD being able to complete 2 years of drilling to make a decision on development. Makes no sense to drill ore reserves from surface at 400m + when it is more efficient and cheaper to drill them from underground platforms.

The scoping study was 400k oz at 4.1g/t over 4 years and the dynamics of that are getting better with every release. Most investment decisions need a 5 year mine life to stack up. I am guessing that will be before the end of this year.

The company has already systematically drilled out the first 300m of the mine. I.e. the first 4 years of development. They could concentrate on high grade lodes to boost grade. Now the name of the game is drill out nearby low cost open cut resources like Orient Well to supplement high grade fresh rock. While also punching deped holes to firm up more high grade lode extensions to increase mine life.

If you put 12 g/t fresh rock through a mill wear factors will be high and the tails grade would be higher. Best to blend with softer oxide and transitional dirt, this will go through better and have more recovery and bring the average cost to mine each tonne down.

Toll treat now would make money and be low risk but would limit the growth of the company. Could scale it down and bring in a modular mill to run their own on the cheap in a fast turnaround. Could just JV 70% to someone with a mill at no risk or capital costs.

One can only dream. A high grade UG resource that supprises to the upside can be an absolute cash machine.. look a Paulsens. NST brought it as a dog mine, found a adjacent system and the rest it history.. funded the purchase of multiple other mines. I had a look at the top 20 and see some familar investors.

Should this pan out they also have good quality exploration targets at Barimia at Mt Magnet and Viking near Norseman to grow the company further.

DYOR