Ann: Dolphin Ore Body Is Proving Its World Class Potential, page-7

Hi Syelaw,

You could read this update with a negative or positive view. I don’t think you would have to be blind to take away some negatives. As per usual this is not financial advice and DYOR.

There has been more unexpected down time, this is on top of the planned down time in January.

There have been more unexpected costs for the fixes required for the ball mills and for the other changes to improve processing. All required and part of mining, but every dollar counts for G6M currently.

Grade increase of ore is positive however it is down from the previously announced month of December’s figure (.74% in Dec -> .63% in Feb).

A substantial increase for the daily record of tonnes processed is great (~1000->1231) but overall throughput for the plant this quarter may be down compared to previous with the extra downtime. We won’t find out until the next quarterly is released.

Recoveries increasing again is great news but low to mid 50%s is still substantially below expected recoveries.

As to the ore sorter information, what has changed since previous tests? More costs here. If they can implement ore sorting then that is a huge win and will be well worth the costs! A real game changer, but from my previous reading the ore was not suitable for ore sorting. Perhaps ore sorting tech has improved in the right way to be viable now. I would be surprised though.

As to your lack of concern for Universal3011’s comment re the debt, do you have a figure of how much the debt payments are for the next 9 months?

IMO G6M must be getting pretty low on funds again. I expect this is the announcement before the next CR. I do hope I'm wrong.

The stable/slight increase to the APT price is great but a substantial move up is what is required to really get the cash flowing.

GLTA