Ann: Change in substantial holding, page-9

Looking at the last two quarters we had two extremes , the Sept quarters revenue was $36.4m and Dec $23.7m ( have removed the Hillgroves contribution as there will be none this quarter) that gives an average of $30m from Thalanga alone and IMO would be a good guide for the likely revenue for this quarter , while not spectacular would be satisfactory leading into the start up of Hillgrove.

Hillgrove is the key this year as we don't know how grades will hold up as we get through the best of Far West and start scraping the barrel. At this stage ANTIMONY is still around $A17, 000/t for ingots and GOLD around $A 2500 oz so both at very good prices. A lot of unknowns around how Hillgrove will perform at Syndicate but at least the drives are in place and its ready to mine, it has no reserves placed on it so they can't give any info on costs , much the same as Bakers creek , but certainly higher grades of GOLD plus very high grades of ANTIMONY.

Very much a crossed fingers exercise but it would be difficult not to make money at current prices and all prep work already done IMO...

Cheers Whisky