Ann: Closure of Hedge Book, page-29

Well, for the current quarter we will see a record loss. Management lost it´s nerve and realized the hedge loss at an ATH of the gold price. Very bad timing indeed and given the time scale those dreadful hedges would have been gone anyway I currently only see an additional loss of another 6-8 million (that is the current scale compared to a settlement at the current GOP-prices and otherwise depending on the GOP-development during the planned bleeding off period). So probably another1 cent/share gone without any return. We have to hope that management will have better judgement (and/or more luck) in the future. Despite this downside I still believe in the GOP-market and the chances of RRL. So in the last weeks I bought some additional shares and got to a little north of 300k shares. Being almost fully invested and expecting a dip when the disastrous quarterly figures will hit uninformed market participants I am now mostly in wait and see modus, targeting at least AUD 3,00. GLTAH