Ann: June 2014 Investor Presentation , page-17

Hi all, have not held AGO for about 2 years (sold simply because I wanted to buy into another stock, so just lucky I missed the continued fall).

I continue to watch AGO as I think its a solidly run company that hits targets unlike many stocks. I also watch SDL, as a reminder to never buy into stocks like it again.

I am astounded that SDL with 0 revenue + $45 million in convertible bond ($25 mil in cash, soon to be $10 million after this quarter) and a large but... basically landlocked resource (50% larger than AGO) until they build a Port, A 500km railway and oh, of course, mine the ore, have a MC of $300 million!! Oh, did I mention that it will cost upwards of $4.7 BILLION to get it into production.

Yet AGO, with 10mtpa of ore being sold, cash in the bank and a huge port allocation, has an EV of $600 million.

If I could buy AGO again I would, but my funds are locked up right now. Good luck to all longs, AGO will hopefully turn good, but damn is the market harsh right now to all but 'Blue Chips'.