External broker reports(aggregated public sources), Argonaut

Argonaut

Argonaut’s research focuses on Metals & Mining, Energy, Agribusiness, Businesses and Contractors that service the natural resource sector and select Industrial companies and where warranted, the research team covers special situations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Equity Bottom-Up

<div><div><div><div><ul><li>NE Bankans 50%-ounce conversion to Indicated is a significant step towards production.</li><li>It is vital for progression of the scoping study (planned for late 2023), and in turn, with an Environmental &amp; Social Impact Assessment (also planned for late 2023), will allow buffer zone risks to be addressed as permitting discussions commence.</li><li>Without discounting the significance of the updated MRE, the upgrade continues to align with our internal modelling of mineable inventory; as such, we largely maintain our previous mining assumptions. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

NE Bankans 50%-ounce conversion to Indicated is a significant step towards production.It is vital for progression of the scoping study (planned for late 2023), and in turn, with an Environmental &amp; Social Impact Assessment (also planned for late 2023), will allow buffer zone risks to be addressed as permitting discussions commence.Without discounting the significance of the updated MRE, the upgrade continues to align with our internal modelling of mineable inventory; as such, we largely maintain our previous mining assumptions. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Predictive Discovery

Predictive Discovery (PDI) - Scoping Up