Ann: 30 June 2012 Annual Report , page-13

Minerva,

The cost of sales figure you use includes $49.3 million of depreciation and amortisation.

I agree that admin and finance should be looked at if we are considering how PDN operates as a business, but this depreciation and amortisation related to cost of sales should be considered just like you did for the $178.0 million impairment. This brings us to:

Revenue: 367.4
Cost of Sales: (252.4) - after removing dep and am of 49.3
Administration: (49.8)
Other expenses: (21.8) - after removing impairment of 178.0
Finance costs (56.7)

Total (13.3)

In the current climate of low uranium prices I'd argue that this is a good result. And, like many others, I am of the opinion that uranium prices will increase and that this combined with PDN's focus on cost cutting and operational improvements will pave the way for a very successful company.