Ann: Quarterly Activities and Cashflow Report, page-10

Anton

two other costs are

1. interest payments - not that large now I presume

2. admin costs - which are not usually included in the AISC of many companies - I think Greenflint has now added some estimate for this in his calculations.

LJ needs to increase the mine plan to give the market some feeling of hope that there will be something left than a 3 year production and then a mine closure with the remaining funds used to repay creditors (payables etc) and any mine rehabilitation costs. We now have less than 2 years and 9 months of LOM, and at the end of FY21 it will only be 2 years with very little net cash in bank at 25k ounce quarter production.

Without an increase in LOM which probably requires more exploration success, I can not see the share price making much progress. I have hopes that Phoenix Ridge will provide an important source of cashflow.

Overall the quarterly report looked OK to me, but I have not gone into it very deeply, so perhaps I am wrong.

The hedge restructure was essential, and I hope they can meet their repayment schedule without a CR.

loki