Ann: Norseman Project Growth Plan Presentation, page-31

Agree re WGX, logical play although I would have gone PNR first, could have got it for 6cps back in Nov. Re JQ Production I would consider it a disapointment if they cannot maintain the March production rate which equates to 25k/quarter. ie if JQ prod is less than 25k they are going backwards. I am simply assuming that at the margin grade will increase Month on Month, mined tonnage will be neutral to positive, Mill output and recovery neutral. Net result, JQ production 25k or better. Problem with PNR is the volatility in production. Hopefully, with a stronger balance sheet they can minimise volatility by erring on building stockplies, ie create opportunity to maintain high head grade to the Mill.