Ann: Boseto Operations Update June 2013 , page-7

Let's not forget the following from the independent experts report:

- average production should is 36k tonnes of contained Cu and for the whole of 2013 it was forecast at circa >45k tonnes;
- Cu mill grade should be circa 1.6%-1.7% at a recovery of >90%; and
- Ag mill grade should be circa 21g/t at a recovery of >62% (at least this has been exceeded).

I note that concentrate Cu grade is circa where it was forecast.

So in summary production is down on forecast which is probably due to the lower grade and recovery compared to expectation. It would appear that the mine production forecast appears to be slipping.

In relation to the comment on revenue, you need to also consider the TC/RC charges that would bring revenue down further. However, considering that a clear picture has yet to provided on the C1 Cash Costs who knows?

Although the results are improving, they are far from where they should be.