Ann: Month on month production continues to increase, page-11

Hi Spec,

Joel and I had a chat this morning about not releasing any information in conjunction with the quarterly … certainly would of went a long way towards calming the market … whilst in purist terms the qtrly is just that, surely they weren’t that naive that the market would treat them kindly … Sometimes it just makes one wonder. I actually added to my position at 3 and 3.1 which turned out positive but that doesn’t change my personal view that it was a management mis-step. ( although I am generally pro PC )

I hadn’t done the recovery numbers so thank you, improved recovery usually goes hand in hand with higher grades … whilst good, it’s the throughput that is looking seriously great for upside … most GR Eng. mills can always exceed nameplate but along with all things Norseman it’s taken awhile … better late than never l guess.

From my understanding circa 60,000t/qtr from the u/g was the plan, not sure if that is limited by production drill limits, development etc … hopefully some more optimisation to come … the biggest kicker Imo is the grade profile exceeding the plan and I do believe we will see a LOM extension at O2 in the fullness of time … it’s fairly well known exploration has been minimal.

I am still overall happy with my assessment although the qtrly cash spend vs production had me sweating lol.