Ann: Change of Director's Interest Notice, page-16

Hi All4One

My question is a result of reading previous announcements - not a lack thereof.

I understand there is more than one component to the total stockpile. According to the Ore Reserve and Mineral Resource Update released 14 April 2016, one such component is the "Spent Ore Stockpile".

The December 2016 quarterly states "Both Oxide and Sulphide ore stockpiles increased at the end of the quarter and offset the depletion of Spent Ore used to supplement mill feed". A similar statement was made in the September 2016 quarterly.

The cost of "Ore stockpiles"increased from ~$30 million at 31 December 2015 to ~$80 million at 31 December 2016 according to the recent Annual Financial Report.

By comparing the ore stockpile information in the 2016 Director's Report to the 2015 Director's Report it can be seen that the the size of the total stockpile has decreased by 500,000 tonnes and by 17,000 ounces - overall, the total stockpile is smaller in size and of a lower grade on average.

Is there something specific I should be reading that I have missed, or have I misinterpreted something?

Cheers.