quarterly not too far away, page-3

MM,

This will have been the first full quarter at the 750tpd throughput rate.

Hence, 750tpd over a 78 day working quarter = 58,500t ore.

Allow (say) 4% loss through mining dilution comes out at c. 56,000t for the quarter.

At a head grade of 14.8g/t and recovery of 94% that would work out at production of 25,170 oz.

But they have had two previous quarters of extra-high head grades from the 'black leaders' so if they have been treating more of that ore then there could be significant upside. eg. at the March quarters grade of 20.61g/t the production would be c. 35koz!

However, best to keep our expectations under wraps and look for 25-26koz (as predicted by MML).

25koz would have earned c. 14.5c/share. The March quarter earnings were c. 13.4c/share so H2 looks to be around 28.6c/share and the full year c. 47c EPS (give or take due to Forex volatility).