Ann: March 2014 Quarterly Activities Report , page-22

Hi Plough,

Yes, I have shares. I thought I was brilliant finding a low priced goldie several years ago, with a plant being built on time, on budget...all seemingly under the radar and well managed.

It was the constructor who had their act together from what I can surmise. As soon as the plant was handed over down went the sp after a little but of bobbling around.

Others closer to the action in Perth must have had a chance to run the ruler over the way the company ran post-construction and decided about the look, and zipped up their pockets.

You maybe right about the neighbour, but so what? Our mill is considerably more than chockers now, so next door (over the fence as the Boss man said) is off the radar.

The free cash flow was $17m. I'll check and look at some numbers later, but assuming thats the case going forward one could reasonably assume a 4-5x value add to that, being generous because mine plan is only six years. With a current MC of $26M not impossible to get back to where it was a couple of years ago BEFORE the team started to run the show.

These days I am more and more concerned about the quality, or absence of quality, of management. Key questions: are they winners - very subjective but like pornography, you know it when you see it. Do they have a track record of success? Do they have a shareholder/capital/ growth/dividend focus? Are they aggressive on costs, clever on development of the top line.

Some of these questions are answered already. SP is off 80%+.

Lets just see with no rain, no road issues, no blah blah excuses, where it sits in September. From my point of view, they are absolutely out of excuses, but if you noticed the three times repetition of the mill operating above design that already I can sense.."Well we had a good run out of the mill, something had to give. The three month wait for parts etc..etc".

Lets see..if we weren't being set up for another excuse.

The need to have have made significant progress on mine life extension to 10 years, and conversion of 60% of resource to reserve. That's it, as there is no scope, or money since the bank grabbed it all, to do anything else.