Ann: Investor Presentation - 121 Mining Conference, May 2018, page-81

Everyone needs to keep in mind that they are still likely having processing issues that have nothing to do with the hammer mills. I’m confident they will reach full scale production eventually but I wouldn’t expect that to happen for a while. It’s better to have low expectations and be pleasantly surprised, rather than high expectations and disappointment.

For my money, I’m expecting low April production. May I would hope to see them having at least 50% uptime given that they should have worked out most of the major production kinks by now. Average production of 75 tonnes per day over the whole month, or the equivalent (150 per day over two weeks for example) with a yield of 20 g/t is my conservative expectation. Gives 1,500 ounces, which lines up with the company’s statements about targeting milestones 1 and 2 (1000 ounces and 2000 ounces). From June onwards, I would expect both tonnes per day and grams per tonne to both significantly increase.