Ann: March 2014 Quarterly Activities Report , page-26

Plough,

Thank you for the clarifications re the mill.

Must keep a mental note of GR Engineering for my day job.

If the neighbours have high value to be milled, its a simple calculation to know the concn/tonnage parameters and hence the milling charge (and the value of keeping your own ore for Ron (later on).

I have never had the pleasure of glad-handling any BOD members since they are in Perth. Listening to the BRR and putting the voice to the word's plus the content of my previous rant, I do think the word - uninspiring - comes to mind.

Every gold company on the planet has done their best to dutch hedges, and we are in a tome warp of the '80s. Either - it was always the plan to hedge or it was too optimistic assumptions before some set-backs occurred.

Either way we are were we are and the buck stops where it always doesn't stop, the shareholders. But the blame goes, together with the brick bats, to those who made very poor decisions.

I'll make a bet with youy now. The decison makers will tip toe along for a while and because its hard to do nothing for two years, cobble up some scheme eventually for a big plan for MOY, loads of gold from some adventure accompanied by some big cash raising.

The notion MOY will stick to the projected 181,000 oz total and plod along for two years paying debt won't happen. There will be a big CR sooner or later.

They will ramp up drilling, extend life, argue enough reserves for doubling production and do a son of MOY, throwing in the neighbours ore as well as new finds....." Please sign form and send money." I will also bet there are no changes to a focus on shareholder dividends or sp capital growth either.

I remind those responsible that this is not a billion dollar company. The dress needs to be cut to suit the cloth, so big billion dollar mentality or thinking is not required. Pennies do count here.

It seems the boys and girls in the field are at least doing the right things and performing.

Not sure why the hedge profit wasn't realised and the $14.6 immediately paid to our Banker friends, reducing the loan from $31 m to $16.4 m, and if a hedge was still wanted, then give them a 37% hedge. This is a complete reversal from what we have.

Don't you think a $16.4 M hedge and 37% hedge looks a whole lot better for the company, freeing it from restriction and giving it a real chance to prove its worth?

Seems the complaints about banking induced restrictions come from those who most seem to like them.

Or am I missing something. Constructive comments welcome.