Ann: Very high grade gold in Cannon RC drilling, page-15

Here is my very very simple analysis based on the info at hand...mainly the PFS completed in 2013. The indicated resource was 90,900 oz (29/07/2015 announcement) we have mined 52,605 oz to date, which leaves approx 38,295 oz (there may be some processing loss I am not considering) at AU$1660 = $63.5mil.

The PFS stated underground infrastructure would cost $11.6mil. If you can assume AISC of $1,200, then this is 38,295 x $460 = $17,6 mil - $11.6mil infrastructure = $6mil unrealised value.

Happy for others to have input on this....these are seriously back of the napkin type calcs. A lot of assumptions...

Good luck all...cheers