Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-52

Thanks Mate

Sorry to be skeptical here I shouldn't post drunk.

PPE costs sure. My worry plant was complete in December and operation started. Mining is contracted and power is grid. Outside of the TSF facility I scratch my head to think where the massive ppe cash burn could have come from this quarter. Mining accounting is not always black and white believe me.

On a basis of mining it is clear there is major mishaps with the resource model stated at the top of the pits. Typically the models in west Africa are diluted at the top of the pits to allow for artisanal losses in the upper sections. If I look at photos posted by tietto it is clear that the workings are extensive and might not just be associated with the oxides. From the photos it is some of the most organized and structured local workings I have seen. What raises flags is they keep stating GC to mill recon is great. In reality this is not indicative of future performance. I see no comments on how the resource model is performing. The only reason for this is that it is massively under performing in the current mining areas. The question here is will the model come good or are the local workings way more extensive then they are leading on. I question the work here did they deplete even voids when they were found in the drilling or did they just assume solid mass grade for all areas. I guess the control of the Chinese drilling and QAQC procedures in this work were not on point.

Process plant tonnes for this mill is also way off. The reasons are not stated but my thinking is they started mining operations way to late and possibly the mill was standing due to no ore to put in it for much of the quarter. At least I hope this is the case other wise we have another serious issue going forward.

On a brighter outlook the cost profile of the big things are really good in CDV a big advantage over other countries like Burkina Faso where everyone bangs on about WAF. In this sense comparing WAF to TIE is senseless. Power costs are half and fuel for mining also seemingly nearly half. This representing around 30% of the cash burns no small figure. This is before you even consider that the country could fall apart any day in Burkina. No debt makes it a good outlook to come out the other side if the systemic issues in the resource do correct themselves going forward.

I have held TIE through the development curve but decided to sell out on the first operational hype this is normally my trading strategy for the developing mines. I do hope when the dust settles to climb back in specially when a take over at a low price is a very real possibility and on the other side the resource coming good and then being able to produce there way back into the light.

Cherryburn my wish is they would be more transparent as despite the optimism on here there are 100% clear issues with the resource model in the current mining areas this is undeniable. Honesty is key for me!