Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-39

for what it's worth.

After visiting the FNQ site I can say they are very focused on improving the production and there is a short, medium and long-term plan which means being profitable. They see Saloro as being complementary with many similarities but probably easier as all the gear is in place. They just need to improve the recoveries which Kevin is doing and is currently on site. Whereas Carbine needs to add capacity (crushing and ore sorters), remove low grade benches, drill the resource and access the underground.

While it's a tough road, I would still prefer our assets over G6, Tung West, TGN and Almonty.