Ann: Quarterly Activities Report, page-13

Yes I have a thought.

Nikec,

AISC is explainable:
- C1 costs was 1.88/lb in Q4.17 vs 1.86/lb in Q3.17
- above the C1 costs of 1.88/lb you have to add the sustaining capex of 0.61/lb
(they mentioned the 0.61/lb on page 4 of Q4.17 report!)
- So the 0.23/lb left costs includes Royalties of about 0.11 (as in prev. quarters) and Non-cash ROM inventory adjustments..
= aisc of 2.72/lb

So the capex of 0.61 had a big impact in this quarter because they had more costs because of the yearly closing (accruals for incoming invoices for repairs etc.).

So the explanation is/was bad on every quarter.. The closing financial report 2017 will show us, that the c1 and the aisc is a number we can't count on because if the c1 and aisc would be as stated.. we should have much more money left than they print it on their reports.