Ann: Maxwells CEB Progress , page-12

Rowingboat,

Good post. Thanks for that link which was really well presented. Great reading and thanks for that. I've never been a gold bug, and don't expect significantly higher POG. Just like companies that make a profit whatever business.

The way I read things I believe IGR have been intentionally "conservatively blending, at around 2.7 g/t gold". Why? I presume to insure reliable continuous operations for the long term business plan while Maxwells, UG and Majestic crank up. As for achieving the 100,000 oz target, this from the last quarterly.

"The upgraded processing facility is performing materially above expectation at 145 wet tonnes per hour (wtph) as
opposed to 115wtph design post- process facility upgrade. Feed grade is being deliberately blended down
taking into account the materially higher throughput rate.
Despite the upgraded ‘wet’ end of the process facility comfortably operating above design, realising full
throughput has been impeded by issues in the crushing and classification areas. Issues have included a
major weather event during a tertiary crusher reline impeding site access of critical equipment resulting in
crushed stockpiles not being sufficient to maintain mill throughput, ‘lumpy’ feed to the mills when crushed
stockpiles are being used during crusher shutdowns and inefficient screening sending 20% fines back to
the tertiary crusher. A new more efficient screening unit was ordered in November and is expected to
significantly reduce the recirculating load to the tertiary crusher when installed in the June Quarter. Studies
are underway to further de-bottleneck the crushing and classification areas to match existing process
facility throughput potential at modest capital cost. In simple terms, the upgrade has been too successful
and has placed stress on other areas of the facility to keep up. These are easily rectified and are being
addressed."

This sounds to me as we will certainly be seeing higher throughput soon and I would classify the upgrades as organic growth. And it's paid for. The other part of the equation, higher grades, will, hopefully, come from the underground and Maxwells. I certainly don't expect anymore capital raising from IGR, especially after CC said "No! Full Stop!" But all will become clearer in the coming months. This months quarterly should provide some direction either way.

Meanwhile, I must get on to my second gin and tonic. Weather lovely here.