Ann: Appendix 3B, page-5

Thanks Aref.

The US$88mill already offers strong upside but as he says, this company is also about the growth. Not just potential to find more gold as with many explorers. The gold is there as can be seen in the large number of widespead ore grade drill results. They just need to infill drill to define a much larger jorc resource and to infill the current inferred jorc to indicated in order to define new pits to add to the mine plan. We might have large upside to NPV of the FS on the first 171koz but I think upside from adding further ounces will offer even better upside. They are in elephant country as can be seen by the large number of multi million ounce deposits in close proximity. Their own drill results show how likely it is that they are also sitting on multi-million ounce deposits.
Good to see gold turn back up above $1300 again. Still mainly trading within a range over the last 5 months, but a range that is around $100/oz higher than the $1200 that the FS was based on and comfortably above the 2013 $1180 double bottom.