Ann: Corporate Presentation - Strategy Update, page-3

I attended the Sydney AGM. The only non-Director shareholder to do so. They want to prove up 5 years reserves/resources at Casposo before reopening. The main thing about the dividend target is that they are aiming at regular payments which was unclear previously. I assume the 3% target relates to the current share price, so a conservative 0.5 cps pa. They have ramped up exploration spending and that limits dividends. The main news is the ramping up of exploration, with the aim of expanding production at Guanaco and reopening Casposo, if enough reserves can be found. We have the cash flow, we must now hope the exploration results confirm the ambitions. Shares are cheap and mine is well placed on the cost curve.