alterior's analysis/forecast, page-37

In its long history of feast and famine Wiluna has prospered most at the times when

1. There has been enough free or oxide gold being mined to fill one entire circuit.
2. There has been lots of open pit ore of whatever sort to keep the plant full.
3. The Bulletin orebody was being mined - this was a BIG high grade mother capable of providing all the tonnage the mill could take.

This is exactly right and the problem for Apex is that NONE of these things are happening. Whatever free gold they mined from the reef last year which was going to be the saviour of the place hasn't happened.

Bulletin produced at around 8g/t Au and is still the best deposit found and mined at WIluna by far - current productions grades from underground are around 2.8-3.5 g/t Au at best.