Joint Statement by Baillieu Limited Chairperson David Trude and Managing Director Gavin Powell

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Saracen Mineral Holdings (SAR) | Turning up production

500+koz looks locked in: SAR produced 158,132oz at an AISC of A$1,133/oz and sold at an average of A$2,228/oz. Overall, production was 8% higher than our estimates, costs were in line at the group level and revenue was 15% higher. YTD production is 374,584oz, leaving only 125koz required in the June quarter to hit the company’s full-year guidance. Our forecast of 521,000oz for FY20 may end up being conservative given the flexibility the company has in milling high grade stockpiles at Carosue Dam and Thunderbox to bring forward production from FY21 and still maintain the 600+koz guidance for FY21. The 1.7Moz in ore stockpiles certainly mitigates some of the business disruption risk from COVID-19.

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