Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-22

Another solid qtr (and nice of the team to release on a Friday arvo so we have the full wkend to digest prior to mkt open).

The plant worked well hitting target recovery levels (75%) which shows they have a handle on their internal process and bodes well for the transition to silver.

The operational cashflow was positive again ($3.3m) and with the Mt Boppy mining stopped (30/11) I expect this should continue to be another positive cashflow qtr as those operational costs should be lower (although there will be some offset from transition the plant to process silver).

Expansion of the drill program is promising, at this point in time I'm not reading anything too deep into the lack of assay results.... we know there is a huge labour shortage right now and C19 is impacting all everything. I'm more thinking about this upcoming transition to silver, as processing the stockpiles efficiently is the absolute key target for the team to focus on in the near term. Get that right and all the debt ($13m) will be paid off in 6months time and the business will have a very solid balance sheet.

On a macro level last weeks pull back in Gold & Silver was a tough watch... I expected that $1830USD gold resistance/support level to hold.... wishful thinking As such I'm not sure where the short term bottom is right now.