Ann: Annual General Meeting Update, page-27

Good point. I have noticed Smarts underground had better drill results than Gounkoto. And most importantly average grade u/g is *higher* at Gounkoto than in the previous open pit. We all know the grade Smarts had, why should u/g grade be lower there? Also interesting figures for top cut (high double digits dependend on exact area, we do not know the figure for Smarts).

Suddenly my gut feeling the Smarts u/g reserve figures are understating reserves is way more substantial. I think ultimately Ken will be proven right who always said he thought grade would come up once u/g.

Also Gounkoto shows Smarts u/g will be one of many u/g deposits. 3 already at Gounkoto/Loulo.

It needs exploration to find them. Troy could not do that, they could only look below the existing pits.