Ann: December 2012 Quarterly Report , page-2

The quarterly looks allright to me. Why is the market hammering SLR?

Highlights
• Scheme of Arrangement with Integra Mining completed
? optimisation of the combined Mount Monger projects in progress
? significant progress made on operational and corporate synergies
• Commissioning of Murchison Gold Project in progress
? on track for first gold production March 2013 quarter
? mining commenced and ~9,000 ounces available for mill feed
• Record quarterly gold sales totalling 28,123 ounces and 52,410
ounces for H1 FY2013 (SLR)
• Pro-forma quarterly gold production of 45,303 ounces and 88,164
ounces for H1 FY2013 (SLR & IGR)
• Encouraging exploration results at Mount Monger & Murchison

The only negative I saw was in that gold production from IGR appeared as a low component to SLR

Pro-forma group guidance for milled production and gold sales (SLR & IGR) for the year ending 30 June
2013 is 211,000 to 231,000 ounces.

Group guidance for milled production and gold sales attributable to Silver Lake for the year ending 30
June 2013 is 175,000 to 195,000 ounces.

If there is nothing else negative which was not declared in the quarterly, then the SP is certainly oversold.

Angers