Ann: Diggers and Dealers - Corporate Presentation, page-58

Sometimes headlines distort the real picture ie the real picture is not what it seems (ie real picture is often worse).

Looking at just the underground MRE only for SPR paints a more positive picture (which is rare), one that SPR has not really highlighted particularly well (IMO). Including OP in past MRE's distorts the amazing growth.

In the last year the UG resources have increased by 1.8m Oz or close to 3 times what they were 1 year ago for both the NN/Pepper and including Gilbey's it is close to 4 times while the grade has increased by about 20% for both. In 18 months the growth has been 2.2m Oz or 10 times what it was just 18 months ago. That is amazing growth in just 12 and 18 months. (I have not compared the growth to BGL but I suspect SPR's growth is much better).

What of the future? Will we see NN/Pepper/?? (yes maybe another NN or Pepper) UG MRE approach or exceed 3 m Oz in the next year? Will we see Dalgaranda UG MRE approach or exceed 4m Oz in the next year or so? Extrapolation of past trends especially with increased drilling suggests it will! If they achieve these figures or exceed them then SPR will be so much better than BGL.

Maybe SPR should include a chart to emphasis the growth in its next presentation as it will speak volumes (hint hint SL if you read this post - example below).