Ann: Atlas June 2013 Quarterly Activities Report , page-2

re: Ann: Atlas June 2013 Quarterly Activities... Highlights are:

• Cash holding increased to $461M, beating my estimate of $440-450M. Net cash flow of $62M is also much better than my estimate of $40M.
• Cash cost of $49-50/t is disappointing, seems the fall in AUD did not translate to lower cash cost for AGO, though it should lower total cost
• Realised price of US$107/t for standard fines compared with average 62% iron ore price of US$125/t for the quarter, a 14.3% discount to to benchmark.

Overall I think this is a mixed report.