Ann: Activities Report for the Quarter Ended 30 September 2018, page-3

I don't see where 1 week before it was 3 million more (a previous announcement?).

The quarterly if you consider what C1 and AISC should include. While prices are not as good as 6 months ago and AISC was a bit higher at 2.51 USD per pound sold this quarter, it is good to see 3 things. Firstly C1 costs are coming down even with relatively similar produced tonnage. Secondly mining has begun in 2 places. North kipoi with some pre strip  and ore mined. But even more interesting is they mention some pre stripping of the central kipoi ore body has begun (this body of ore has much higher percentages of copper than other deposits and therefore more profitable).

And 3rd we know from the previous quarter that the previous ore from 1st stage kipoi north had run out and that copper produced was being affected by

this through the start of July (we know this as no ore was mined in 2nd quarter). So one would think that for a while the leach pads were not operating at 100 percent as the ore on the pads had most of the copper already drained.

Nearly 1 million tonnes of pre stripping was done. 181k tonnes of ore produced and 40-45k heaped on the leacher. So a decent amount of ore is ready for future processing. 2nd stage mining will continue through 4th quarter hopefully costs can be covered
 by increasing production and lower C1 costs now the plant is at full speed. I can see 6 months of ore in total being stacked up for processing by 31st December 200-250k tonnage of ore. If pre stripping of central kipoi is on going in early 2019 surely by mid year the ore will be mined from that pit.

My only concern is cash on hand at 1.8 million. Though this could be explained with the increase of nearly 1000 tonnes of copper not sold this quarter.

Overall I feel cautiously positive with this result. I think the tiger is in a better position than 1 year ago. Pray no plant issues during this time.