Ann: QUARTERLY ACTIVITIES REPORT - JUNE QTR 2020, page-86

Didn’t say there was anything wrong with debt as long as the Debt to Equity ratio is less than 50% and best 30%.

wasn’t a negative post, I strongly support AIS Cracow.

The table has EV not NPV and NPV doesn’t include Debt only as cash repayment impacts, or does this EV account for debt?

And to someone else, re buying another Cracow; there is always Mt Rawdon and Mt Carlton that EVN no doubt would sell.

And there is always the consideration of does one buy at the top or the bottom of the cycle? Is gold at the top or the bottom? Did EVN sell at top or bottom and AIS buy the reciprocal, I think it’s a good buy but maybe the debt/equity ratio aka leverage might suggest enough balance sheet risk for now.

Again, I’m a strong AIS Andre supporter but don’t go to hard at risk just yet.