Ann: Half Yearly Report and Accounts, page-21

Hi Spectacular,

My own opinion on production will see small improvements in underground and mostly from open pit performance.

This is what I am extrapolating from past qtrs, communications to market etc …. modest u/g tonnage improvement from increased stoping but still not yet near 60kt / qtr target, substantially improving open pit grade processed ( 2.2g/t avg ) mainly due to finally sourcing ore almost exclusively from Scotia whilst Green Lantern is idled and improved mining practice from new contractor APS … mill throughput up circa 10kt.

Calculation of improvement increases,

Dec Production … 18185 oz.
Scotia vs GL ore …1380 oz.
Additional Grade … 1870 oz.
Extra throughput … 670 oz.

Total March Qtr Ounces … 22105 ozs.

As far as costs reduction, BCM movement should decrease from 1.4m to around 0.9m tonne so @ $16 BCM = $ 8m / qtr saving.

Time will tell if I am surprised or disappointed.