Ann: Yandal Gold Project Ore Reserve Statement, page-8

MEanwhile from Euroz;

Significant Reserve upgrade to 856koz
Investment Case
A maiden Orelia ore reserve of 753koz and total reserves of 856koz is well ahead of our 400-500koz estimate and an excellent result. Stage 1 pit has strong economics with total operating cashflow of >$250m at current gold prices. Our valuation has increased from $0.30/sh to $0.45/sh as we reduce the risk weighting factor by 20% and model in the total reserves. We maintain our Speculative Buy and are attracted to EAR as one of the lowest capital intensity project with excellent exploration upside. We expect further high margin ounces will be added via the drill bit and the deep drilling at Orelia could provide genuine upside.