Ann: Appendix 3B, page-9

Buy low, sell high ?

How much further can copper and gold realistically fall before it is under the AISC of most majors ? Yes a few might be able to cope with a further lashing, but there aren't many at these levels

There will always be demand for copper and gold and RTG will produce both these commodities in the lowest cost quartile, therefore if we can't make money then what mines can ? IMO the spot price of both commodities will never come close to RTG's AISC

Without the need for further capital as we are fully funded through DSO it is just a matter of patience and riding it out

They'll still be making bank once in production, and that will only provide further leverage when commodities rebound

I'm selling anything that can't produce at these levels and waiting for those that can to get smashed by lemmings to load up for the M/T hold