Ann: Quarterly Report - December 2018, page-81

I expected this Qtr to be bad, but this was way worse than I expected. Its clear management is focused on SDV and they have left MtCatilin to B team to run.

The Optimization process was supposed to be in place in Q2 2018, but it isn't finished until Q1 this year. The production guidance for the year is 180k-210k dmt and this after the optimization process, we were better off not implementing it as we did these numbers without it in 2017.

They need change their management onsite to fix this, also the resource increase from yesterday may not be as good as expected as the ore is much deeper, we don't know if it is economical to get to it.

Our only hope will be to get a good deal for SDV (the sale of the northern tenements is about the only good thing management have done over the last year).