If Hawkes not buying … they may be selling later this year, page-36

IMO Ladytrdr's 150kozs/yr is at this time simply aspirational. Last time I talked to LC - 100kozs/yr was the target (possibly up to 110kozs/yr) with reduced strip ratios for Missouri and Riverina U/G. Right now Sand King U/G only has good drill results - no FID has been taken and at this stage is simply "hope". To date the company is NOT cash plow positive although with PoG increase and Riverina U/G coming on stream there would appear to be excellent prospect but IMO to talk about 150kozs/yr is "dreaming" - great if it happens. To me I would prefer (whilst there is good ore coming from the O/P) a rather more prudent situation of "blending" U/G ore with O/P ore and thus extending the LOM. Investors will discount OBM unless is retains sufficient "reserves" and uses them expediently and only "high grade" if it finds considerably more HG resources (converted to "reserves"). To date OBM has only survived sue to asset sales - I just hope to see it standing on it's own two feet (cash flow +ve)