Ann: 17% Increase in May Production, page-23

What a pleasant surprise you are in for.

Whilst the focus needs to be on filling the plant, getting from the current 29% to 40% of the big old plants capacity is fully funded and the cash burn has stopped. Getting to 100% is not a massive capital cost so there will be plenty of cash in the not too distant future to support eye watering dividends .

The days of money rushing out the door with no revenue are over. It only cost $26m to develop the UG to provide enough ore to run the plant at 40% capacity. It will cost less than that to increase the operation to fill the plant.

At todays prices running the plant full processing 295KT a month (3.55mtpa) should deliver free cash flow of $250m (12c/share)

with 85Kt processed in May we are fast approaching the current target of processing 120Kt a month (1.4mtpa) which at todays prices should deliver free cash flow circa $95m (4.5c/share)