Ann: December 2013 Quarterly Report briefing and , page-4

re: Ann: December 2013 Quarterly Report brief... martie

Good summary of the situation - I agree.

If it was not for the increased support for goldies in the last few weeks, this report would have sent the share price back to the low/mid 20 cents.

Still a lot of potential here but with this mob there is a possibility they will only deliver a capital raising in 5-6 months time.

I do not know what the PNG govt is thinking by taking so long on its approvals process. You would think they would want to keep their people employed, because unless the approvals come soon Simberi is a goner.

Gold Ridge needs another circuit to improve the recovery rate and hopefully make it at least able to meet its costs. What took them so long to work this one out? And what is the cost and timing for implementation? We will be told later on.

Cash burn was $36m, cash now down to $70m, so enough cash for another 4-5 months or so. This money will not only be used to cover loses in the pacific island operations but to fund the various upgrades there.

The admin cost of $7m per quarter is appallingly high.

The analysts at the broking houses will give SBM another kick in the rear once their reports come out late today and tomorrow.

loki (off to get myself another beer and find a saner goldie management team, although I can not stop thinking what might be.)