Ann: Production Update June Quarter 2021, page-47

Delicate balance required here with sustaining the high grade ore reserves. Rather than rip into the high grade and deplete it quickly in 3Q and 4Q (both o/p and u/g), I think i’d want to deliver at top end of annual production forecast (280kozs), but keep some up my sleeve for 2022. I don’t see any value in creating the impression that this is as good as it gets in 2021, with subsequent large percentage production declines in future years. No one wants to peak early and then suffer lower production and maybe a lower gold price. We prefer growth don’t we? Surprise investors next year with a higher production /lower AISC guidance, and a shiny new dividend policy. That should keep the pot on the boil.

I’m familiar with the concept of the Chairman’s stockpile in one of my previous Board experiences. Nice to tuck into some super high grade that no one knows about, when you need a boost to your production ?

MiningTragic