quarterly report, page-8

spoke to pf, DML CFO. some comments:

1. quoted c1 costs arenot adjusted for inventory movements. regardless, inventory movements negligible;

2. c1 costs disclosed are net of silver credits. strong silver improvement 'helpful';

3. c1 costs are a primary focus. single focal point is to mill 250kt of material as per bfs. pf expressed some confidence can deliver c1 costs 'nearer'' bfs random numbers, but absolutely depends on ability to deliver enough material to plant. plant behaving strictly in accord with design parameters. the bottleneck is then mining and geology which to an extent are being 'refined'

4. an updated reserves report 'days away'.

encouraging phone conversation.

cheers