For some perspective on significance of the moves in the gold...

For some perspective on significance of the moves in the gold price ...

Our expected AISC as per study is AUD $1069 or USD $768.

At gold price USD $1,300 our margin per tonne is USD $532. At gold price USD $1,350 our margin per tonne is USD $582. That’s an increase in margin by 9.4%. So our EBITDA also moves up by 9.4%.

For the move from USD $1,300 to USD $1,400 or margin bumps up from USD $532 to USD $632. That’s an increase in EBITDA by 18.7%.

Every USD $100 move in the gold price significantly boosts margins. That’s going to support a nice boost in the share price at production, particularly if this gold rally continues and we get to a gold price of USD $1,450 as analysts are predicting.