afr today, page-9

The next three months will be integral to see what the state of operations are.

I was encouraged by last report and seeing a marked improvement in operations. There weer no doubt a large amount of sustaining capex costs in the last quarter associated with opening up of Plutus, largere buckets for excavators and general ramp up activity, so no doubt the cash burn will reduce significantly.

The cost base is relatively fixed, thus now its a function of increasing throughput to reduce costs. In taht regard the key issue of mining efficency has seen an impressive turnaround and is on taregt to deliver to design capacity of 3.2Mt/pm.

It will take a few months to see this resulti in significant increasein copper con as sulphides are only now being mined from Zeta and it will take Plutus two months to get there. So lower grade ore will continually be used akbeit lesser amounts each month until that point.

In regards to grade, i have back calculated the head grade excluding the low grade stockpiles to be 1.15% in March. So im not overly concerned here it will be less than BFS but not drastically. On teh flip side i believe recoveries for BOTH silver and copper with be above BFS. Testing of the sulphides from Zeta have encountered ~90% recovery well above the 83% in the BFS. There ae also improvements in mining dilution a trend which shoudl also continue to improve.

I think costs conservatively will be in the range of 1.80-2.00 that before the coal power generator is built. I feel alot more comfortable on operations. Financing will now be sorted but at kick in the nuts price

I believe they can still turn this around