Just to be absolutely clear, Kavanagh is underground (not open...

Just to be absolutely clear, Kavanagh is underground (not open cut) and will be accessed via a 300m long decline from the underground workings at Coyote. It sits on the Coyote mining leases so there is no additional permitting required. Conceptually it is just an extension of Coyote. The capital required to take the decline, ground support, ventilation, emergency access and services across will probably be around $3M+. Mining is via stoping as the mineralisation is sub-vertical so the ore is taken out by muckers. There is no shaft - all the ore is taken up the decline in trucks. Kavanagh ore will be processed at the existing Coyote plant. Given the grades, the majority of the gold recovery will be via the gravity circuit. Once access is developed for Kavanagh, further drilling will be able to be conducted (without the 300m overhead) and the resource will be further defined during development. That could mean a substantial increase in resource well beyond 100K ounces.