Ann: Production Update March Quarter, page-3

430,000oz's seems very achievable fo the year imo, looks to be on the light side actually. Gold recovered excluding Ravenswood = 119683 - 11046 = 108637. Extrapolate that by 4 and it is 434,548, add back the 11046 = 445,594. Also to factor in will be uplift in recoveries from 75% to 80% then 85% for the second half. Sulfide ore stockpile has risen, indicating a bottleneck at the mill/roaster, likely the roaster as they ramp up carefully post shutdown, I can see another big quarter for June from Syama and hopefully it keeps on coming $ $ $. Looks like they have padded / factored in a little disruption.

Gold Recovered is the headline figure imo, gold poured is what they got paid from refineries, with the Swiss shutdowns they must be sending it elsewhere (Rand / Perth Mint) and to keep freight costs down probably batching it a little more. Lucky they have their own runway at Syama so disruption should be minimal logistics side but I can see costs a little higher here.

Overall looks good imo!!