Highlights:

Base Case shows US$426.0M post tax NPV5, 28.1% IRR, with a 2.9 year payback at a US$2,400/oz gold price

Upside Case shows US$1,012M post tax NPV5, 51.3% IRR, with a 1.9 year payback at a US$3,800/oz gold price

874,700 oz of gold produced over a nine year mine life averaging 101 koz/yr after initial ramp-up

Life-of-mine average AISC of US$1,011/oz putting it in the lowest 13% of the global costs curve for currently producing gold mines with a US$300M CAPEX

Average annual after-tax free cash flow of US$93.8M at US$2,400/oz gold price (US$168.0M at US$3,800/oz gold price) driven by combination of high grade and bulk tonnage mining method

Comprehensive plan for path forward and early works program at Ana Paula including accelerating completion of the underground decline, expl

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