Ann: Appendix 4E Unaudited Preliminary Final Report, page-2

Quite a bit of info in here which matches up with the information I have received from the company in general correspondence.

*Recoveries are up, production is up.. Looking at 11,400 ounces of gold per quarter with approx a further 600-700 equivalent in silver, total just over 12,000 ounces a quarter going forward.

This bodes very well for cast costs, which should get under US $700 an ounce. Every dollar they can squeeze out is important while they get through the hedge. As while its great having a high USD gold price, the bottom line is not getting a huge boost from it yet. Approx 28% of this quarters production is unhedged, so 3,400 ounces, which at approx USD $1200, will push the average price received up from the hedge price of $1083, to approx USD $1102. The big gains will come after June, when the hedging is only about 35% of PGI production. By years end, if the POG in USD is high, the cash generation will really start kicking in.

*Refinancing on going - done within the next 2 months, although I am hopeful it might be a little earlier.
Very happy to see that BJ and the team already have a plan B. With a US bank willing to simply lend what is required to payout CAMIF etc. 3 year loan term would allow PGI the flexibility to get on with securing other sources of ore plus fund their share of a potential plant in China (All IMHO).

*Gaining traction with the government in regards to importation etc. I can only assume that the DR is seeing the $$$ in regards to taxes etc if PGI was able to important high grade concentrate.

*NPV of $0.44. Yes, the debt needs to be repaid but still... PGI is very cheap, but I can understand why the market is not enthused yet.

Its a little frustrating to see the price of silver still staying low (ratio has blown out compared to gold price), while not a huge earner for PGI, every $1 per ounce would add $250k US p.a to the bank balance.

Good luck to all holders.