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Exactly iceman and all very good points.

Unfortunately director costs were £1.5m of the £5.5m over 3 years which why I couldn’t understand holders not querying them as much as I was to understand which could be reduced. If I’m invested in something I’d want to understand a breakdown of significant costs. Appreciate with Ec. of scales it’ll come down, but got to add in JP wages to that for a start.

Very true. It's why I was constantly banging the drum on the admin costs, which were extortionate, to see whether early profits can cover these on top of future exploration costs.

That was another unanswered question at the presentation (and direct emails) as to how they plan on reducing costs.

All subject to change of course, Ice. The assay results from the lab before month end could throw both of our calcs off.

Thanks Ice, I guess that's why sales are at Gold spot less 30% as the processors burden most of the costs. Stephen said yesterday that mining will focus on Bonanza before GOPP, where grades were estimated at 15g/t. He said estimated between 3-5tpd on a good day. I've applied the median here, 4tpd. You missed off the cost per oz in your profits...

Gold price per oz : 4,075

3-5tpd @ 15 g/t (oz): 2.11oz

Recovery rate: 90%

Spot sale rate: 70% (30% cut as per SB quote)

Revenue: $5,417

AIC (1100 - 1500 per oz): 2,743

Est. profit per day from operations: $2,673

Just a conservative approach Fergal instead of certain premium users spouting £40k profit per day by Christmas.

Lenoman... that's just my opinion ofc.

SB said they expect to be "cash positive by Q3 2026" but didn't allude to any details on this and whether this factored in planned cash outflow for other mine studies etc.

EGTP ... steady on :) ... My summary on this after this week of news (I know no one cares) is:

- short term small scale mining at Bonanza (3-5tpd, processed elsewhere at 70% spot rate) Q1 2026. Delays here and there for weather.

- Use the latest capital raise to build/process GOPP. They aim for Q2 2026... but deadlines haven't once ever been met so IMO I reckon they'll potentially get 80tpd second half of 2026 (their presentation last year said "initially 50-80tpd").

- Exploration/studies of Morrocotta and other zones dependent on GOPP as personally don't think there's enough revenue from artisanal mining to cover studies (if Bonanza costs are to be used as a basis) on top of ongoing costs. These studies will stretch out in to 2027 imo.

DYOR IMO

Thanks Iceman... which leads to my next question - did NTVO acquire all the data from St Elias?

There has been a fair amount of capital needed for the Bonanza studies alone (which had already been studied by St Elias) - so curious to understand how they will approach studies at these other areas before mining.

Fergal, in all seriousness, there’s obviously plenty of gold there. How many studies do you think they’ll need to do before extraction given the amount they’ve done for one vein at bonanza?

Can’t fault those H2 2026 figures Iceman, just a matter now of getting GOPP ready.

If you were here mid to end 2024 you’d understand more the comments aimed at some regarding 2025 revenue 😁

You're nitpicking my comments....

The comment was if they will be mining 6 veins. The answer was no.

Helx... Bonanza only.

"Field activities and underground to advance in parallel to complete the Bonanza Vein Study, with objective to resume small scale mining at Bonanza by year-end"

Richard…

3-5 tpd

30% cut from gold spot rate

90% recovery rate

Nearly there

3-5 tonnes per day as per video

I still can’t believe Helx comment to Ranger about revenue 😂 is she now a “basher”

Helx saying Ranger is misleading for talking about revenue this year 😂😂😂

Never seen something so funny. It’s all helx has been saying all year about how we’ll be mining in the next update… and the next… and the next

I had a couple helicks if you could kindly answer as they weren’t answered:

- how do they plan on reducing excessive admin costs going forward?

- is there any insurance / back up plan in place should there be any unexpected stoppages to production as we seen earlier this year

- what are the estimated insurance costs of the GOPP if they are processing ore of other miners.

-

Great banter 😂😂😂

What are you on about? My calcs below are daily. Are you struggling without your sidekick chatgpt? Literally says “estimated profit PER DAY”

I’m responding to your comments aimed at me😂 you’ve posted nearly 20 times today, some self awareness needed if that’s your opinion of my posting.

Ps, I work in investments. Investments are part of my job. I’m active elsewhere - but when I get multiple personal abuse from oops and helx (more historic than of late) then I take great pleasure in being proven right :D.

10* LOL

Iceman... no need to get personal just because my short term calcs have been proven correct.

PS. I'm getting married spring 2027 to my missus of 1 years. Play nice and you might get an evening invite.

Potential2rise.... listen at 49.00mins from JP (local expert) regarding weather/climate.

"not unknown, unfortunately very common, summer months creates a lot more precipitation and snow melt increasing river flow". Not deramping - quoting from local expert.