Ann: El Roble mining update, page-8

Yes there are some positives to take from this report but also a couple of real concerns.

1. Effectively MNE will have 2 producing mines in the foreseeable future, Panga has thus far proven to be an absolute disaster (uneconomic).

2. 4.77% confirmed average grade thus far at SS vs 10th December announcement stating grade control sampling of shaft stockpiles averaging 6.84% i.e a full 2% lower!! On that basis I'm disappointed with the initial SS grade. One truck of direct smelter is better than none but hardly a game changer IMO.

The question is will this be enough to compensate for Panga? (the jury is still out on Paraguay)