Ann: Investor Presentation, page-5

Hi Ozprey,

I guess this sets the scene for a robust discussion at the Noosa Mining Convention which is on before the release of the Quarterly Report. Great result last year. 22c to 55c. what will this year deliver ?

Whilst GCO's ramp up has been a long and torturous route, I'm having trouble seeing all the negatives that you see with this quarters performance improvement.

On my reading HM production has had its ups and downs largely due to crossovers and turnarounds which seems to be significantly fixed by the new mine path.

It seems that over the past 6 quarters HM production has increased from 140KT (83% DFS numbers) to
200 KT (120% DFS ) which seems to be a fantastic result.

The market has certainly taken it positively.

I was a bit disappointed to hear that the refinancing hasn't been sorted. Encouraged though that no problems have been flagged.

Those of us who have to shift stuff out of the tax free fund into a taxed fund would have preferred this announcement to hit the deck next week. That's life.

I hope your year finished as well as mine.