Ann: Production at Norseman Increasing, page-17

Hi Captain,

With the merger, Halls Creek and improving monthly production it’s hard to understand a definitive snap shot in time of the finances imo …. with the operations settling into 100% ownership and steady state production it will be much clearer soon. I do agree it’s undervalued on what we know.

I would caution a lot of the upside they gave re. Plant throughputs are short term peak tonnages but not yet consistent daily production numbers. Also the 16-20kt u/g production target maybe more forward looking rather than from the month of October ….. thou September was a standout and a good new base to build upon.

Whilst negatively the ramp up has been delayed, the positive is that all production numbers have been consistently improving and appear to have much more upside, grade, recovery, plant throughput. Another positive is I believe they are being openly honest with respect to the progress which is not always the case with ASX listed companies.

Time will tell. Good luck.