Ann: September 2012 Quarterly Report , page-2

comments on the quarterly, anyone?

For me the best part was record mine production of 35,000 oz. I liked the table on page 10 explaining the variable FY13 target for gold poured (120-150k oz) showing grade and throughput assumptions of various sources.

Murchison is 75% complete and on schedule, about $25m of total $65-70m pre-production outlay remains.

The significant drop in cash/bullion from $80m to $49m was mainly due to A) $31m capital spend at Murchison, and B) planned 10-day shut-down of the Lakewood plant for maintenance. This elevated the cash operating cost to $750/oz with just 26,000oz of gold poured. This should improve significantly from now on.

Note the financial discipline deferring further Wombala Dam production until late 2013. Plenty of lower grade ore is already stockpiled, 470kt about 6-months worth of processing, for 34,000oz.

Two big news announcements coming this quarter (aside from the IGR merger of course)... the optimal processing route for the Magic deposit will be finalised, and assay results of 11 diamond drill holes from the down-hole conductor at Hollandaire will be available within 6-8 weeks.