Ann: September Quarter Operations Update, page-207

My calculations have them mining at 70% of the yr 1 run rate for the quarter. They mined 525kt vs the DFS mine plan of 750kt per quarter.

Their BCMs are now almost at or above the mine schedule so this should help. In addition, they will be putting less low grade ore through the mill than in the sept quarter so head grade should go up in addition to improved mining practices.

This is a mining issue and I am confident this is not like GCY or DCN which had faulty geological models. Grade control drilling has confirmed the resource model which has independently been verified again in addition to the reviews which Macquarie did as part of their DD and Alkane.

If MacMahons had delivered, we’d be talking about how unexpectedly great the recoveries are!