Ann: Quarterly Activities Report and Quarterly Cashflow Report, page-96

Can someone please check my numbers (Back of envelope)

Lower guidance
12.9million towards debt and interest (@9%, 30 month)
11,000oz hedged at 2375$aud
Cost at 2150/oz
Production 15000oz
Cost of production 32.25million
Revenue hedged oz 26.125millio
Revenue outside hedge: 11million, @2700aud/oz
Total revenue 36.12miillon
Free cash flow 4million
Loss of 8millon /qtr after debt repayment

Upper guidance
12.9million towards debt and interest
11,000oz hedged at 2375$aud
Cost at 2000/oz
Production 18000oz
Cost of production 36million
Revenue hedged oz 26.125million
Revenue outside hedge: 18.9million, @2700aud/oz
Total revenue 45.025miillon
Free cash flow 9.02million
Loss of 4millon /qtr after debt repayment

The cost/oz must come down with the lower production throughput the complete lack of margin on the hedge f*s the show.

Very disappointing that we have been communicating 15% to 20% cost inflation not 50%, understand some of this is driven by change in production profile.