Ann: Chairmans Letter to Shareholders , page-10

Leach pads: yes they'll have twice the area. But only with medium grade ore on most of it. Eight out of twelve cells on LP4 are already stacked before they've accessed the higher grade stuff.

Grade control is not mentioned. I would still be cautious about AYN. Grades mined are critical to what you get back, especially as they seem to be expecting not to restack the older pads for at least another eighteen months.

And once again a litany of excuses for not achieving production. Rain, no drill availability (why not?, blame it on the old management, I suppose), Quad crusher failures again, why? It's hardly done much work since it was put in. And now adding another crusher in the attempt to get reasonable recoveries. And already priming the market for this quarter's problems with the forecast 14 day shutdown for the crusher installation.

All the blurb on the financing is OK as the company can't progress without it - but without knowing the grades, we can't determine if the company can succeed.