Ann: Quarterly Activities Report, page-32

I think the bigger issue here is the declines in Duketon, especially moleart wall. They seem genuinely upbeat about Rosemont so that could offset some depletion. It does seem clear though that production from Duketon has peaked. The Company really needs to get Mcphillipes done to stay relevant, otherwise will have no choice but to and acquire or merge with some operational juniors at elevated prices to replace depletion. I am holding for now but will keep eye on Duketon next quarter. Gold price staying above 2000AUD and Tropicana saved the day, otherwise could have been alot worse. I think at gold prices above about AUD 2200 an ounce Tropicana was a good deal I did some napkin maths awhile ago and I think why Mr Market thought it was so bad was due to dilution (approx 30%), but that also at forecasted gold prices it would have potentially been loss making. At Gold prices 2000-2200 I think it will be a solid investment at gold prices above AUD 2200 I think it would prove to be a good one as shown by the production and ASIC this quarter. They definitely could have financed it better though. The tone of the report was very negative, but I think that was more them wanting to deliver a big quarter, to repay shareholders, and instead it was pretty soft, although not terrible. The rest of Oz opening up should help with labour shortages, even if they have to quarantine in WA for a while. I was hopping for a better dividend next year, but with these production issues will probs be 3-4 c/share again.