Some comments on the announcement, page-6

This is outright misleading -

Impairment is an accounting test usually based off auditor driven assumptions and the existing mine plans, it isnt a view of management, nor is it based off gross profit - it uses a net present value calculation on free cash flows. The fact the carrying value is now reassessed at only $150-160m!! after this test says something about the present market cap of $50m...

The underground resource / reserve has not been changed but the clear and stated implication of the open pit reserve decline is that the underground reserve will increase. Incorrect to state otherwise.

Given there has been increased ozs in the new reserve from overcall (15% on blocks above 1.2g/t). The actual ozs in the bottom of the pit which will be partly recoverable with underground is greater than the reserve loss adjusted for depletion.