below expectations, page-4

Broker view of results (Goldman Sachs):

We are not making any changes to our forecasts following today's AGM. While our CY11 forecasts remain ahead of company guidance we think there is still a good chance that the company will look to upgrade guidance at the first half result in August.

While we anticipate some short-term market disappointment given we did not see an upgrade to guidance today, we maintain our BUY recommendation. Our positive view is based on the improving outlook we see for global exploration spend given supportive commodity prices and a well funded resources sector.

12 Month Target Price: $6.00