Each way bet, page-4

I don't see this quarter as being very cash accretive as flagged by the previous quarterly activities report and the Appendix 5b. The company has flagged about $11 million in costs between exploration, mine development and maintenance on Siana and I think their production costs in the Form 5 are flagging lower end guidance expectations.

Cash on hand at the end of the last quarter was ~$17 million.

I've estimated that June Quarter cash on hand will fall to ~$7.5 million based on low end guidance of 18koz and fall to ~$16 million based on upper end guidance of 23koz. If the first tranche ($7 million) of the Mt Cattlin royalty is received in the quarter the June quarter cash range goes to between $14.5 million and $23 million by my estimates (DYOR). I wouldn't expect much better than these numbers.

I think the Sept quarter will more likely be the game changing quarter for the company. I also think the company is undervalued based on the quality of existing assets but I've got low expectations for getting a good cash build in the current quarter. Esh