Ann: Federation Exploration Update, page-22

The story is building nicely. A re-rate should occur when the annual report comes out showing the net profit and likely dividend. We'll have 100 million in cash and gold at the moment. The serious re-rate happens when we start mining Kairos. By then the plan for Peak North could be all approved so we could be banking obscene amounts of cash if both are producing. Gold abounds in both places. Let's hope further exploration of that Federation corridor shows it goes all the way to FRC046 near surface, and continues at depth. That would be a serious amount of gold notwithstanding true depth determination. It's what I've been waiting for...finding the gold interval. We knew it was there, so its brilliant to drill into it, especially given the grades. I'm hoping also July was in the June ball park for production, given the mill has been operating without interruption.