Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-3

Zoom out to a month and you'll see the real pump after BG's webinar on the June Production Update to ~38c, from which there has been at least one large, steady seller pushing it all the way back down. Savy seller also by the look of today's Qtrly...

I'm back down to almost no shares having taken a small punt low 30's before the June Update and bounce. A lot to digest in the Qtrly, a lot not to like. The HM% of Ore Feed has now been replaced to HM% of Rougher Head Feed (RHF) to emphasise the good, while hiding the bad (inadvertently or not). Yes there is more HM% in the RHF than planned because there is less HM% in the OS compared to undersize in-pit, but less than I calculated from Mar Qtr 13.6% HM% in ore mined. I back calc the Mar Qtr ore mined HM% as ~12.6% vs quoted 13.6%...

True believers need to hold 28c, preferably 30c, to create confidence that keeps bargain hunting buyers coming in and minimises stop loss sellers getting out. I'm out because the risk just keeps getting higher and the reward keeps shrinking, despite BG's calm and confident predictions. Maybe it's because I got burned on STA my judgement here is overly pessimistic, maybe it's because I've seen the same movie replayed over and over in WA miners this year, maybe I'm right to take the bid while there is still liquidity at 30c to do so?

GLTAH