$3.90 valuation by GS updated, page-427

The comments in the Quarterly regarding guidance relates to production volume and AISC...

• "Consolidated full year production anticipated to be at the lower end of the guidance range"

• All three mines are behind the 75% mark (where they should be if production is spread evenly though the year).
• In total they are only at 73% for the lower end of the range (370k oz) - i.e. they are going to have to have a big quarter (101k oz) in order to hit the low end of the guidance range.
• Q4 last year, Gwalia did 50k oz, Simberi did 36k oz, Atlantic Gold did 23k oz (for previous owner). So it is possible, but a bit of a stretch from the current trajectory.

• For AISC, the following comments were made:
• Gwalia - "AISC anticipated to be at the higher end guidance range of A$1,470 to A$1,540"
• Q1 AISC = A$1,559
• Q2 = A$1,471
• Q3 = A$1,556
• Simberi - "AISC anticipated to be at the higher end guidance range of A$1,500 to A$1,645"
• Q1 = A$1,603
• Q2 = A$1,851
• Q3 = A$1,629
• Atlantic Gold - no change to guidance - AISC range of A$900 to A$955
• Q1 = A$970 (lower volume quarter would need to be considered for weighted average)
• Q2 = A$823
• Q3 = A$951

Higher gold sell price may mitigate some of this.