Ann: June 2019 Quarterly Activities Report and Guidance, page-326

I wasn't going to write anything else till next qtrly to see how things are progressing, but one thing I forgot to mention was amortisation expenses. A discussion was held a year or two ago on this subject. Some were still in doubt as to whether the mined gold in ground having being mined and no longer available was the reason for a good part of the "A" in the D&A.

Well from DCN's latest annual accounts, page 30: "Mine properties are amortised on a unit-of production basis over the resource of the relevant mining area. The unit of account is tonnes of ore mined". (Not the value of the gold per se).

Final remarks on hedging: rounding of 1m ozs to be mined over 5 years at 200kozs per year (50k/qtr) as per latest summary. If RMS hedge 40%, from now on, i.e. 20k/qtr means that nearly 65% of total production will be delivered into hedges. For RMS to have as they wanted to be 40% of total ozs hedged, they will need to hedge only 9kozs/qtr from here on. Considering they hedged nearly 65kozs and 70kozs the lastest qtrs., I don't believe either rate is feasible.

I'm getting to sound like David25.

kg