Ann: Completion of Placement & SPP Announced, page-25

FCF before debt repayments was really great. Still after Smarts 3 shutdown. But then Smarts 4 ran out of ore leaving Troy with lower grades until the Smarts 3 cutback is finalized. Everything happening on schedule except the cutback which is earlier now. One quarter earlier and 4500k ounces less in production. Cash should be more than enough but will be tight and means Ohio Creek development will not have the resources it deserves.

Anyway, I cannot see any fault with management. In hindsight a CR should have been done in June. But would it have been successful before Ohio Creek? If we only saw on market purchases by management, that would give a big boost to shareholder morale and share price. Do not forget this management took on huge personal risk by assuming responsibility during financially difficult times. The last of the bad guys (they never take personal risks) left in 2017.