Ann: Quarterly Activities Report, page-26

Long time supporter of Resolute. Must say I'm concerned with the current recoveries and historically they have struggled to obtain recoveries in the 80% area. The project 85 was essentially to guarantee the 85% recovery needed for the 2.9g/t main deposit, but their backtracking a little from this position 80-85%. These kind of recoveries and looking at the narrow and erratic grades of Nafolo might suggest there is little chance of mining this extension in the short term. Tabakoroni results very encouraging.
Little word regarding Ravenswood. I bet they wished they's lock in more of those $1800/oz forwards for what is going to be a high cost producer. Margins might now be getting a bit tough to justify?

Since selling most of my substantial holdings in Feb 2017 been sitting on sidelines. Think we may see sub 95c in next few months and a possible buying opportunity!