Ann: Exploration and Operations Update, page-72

Yes LOM is the key issue, while there is a fair bit of reserves identified there has not been enough drilling to put them into the proven and probable category which is what LOM is calculated on.

Normal companies will drill like hell to prove up reserves into proven and probable category before committing to developing a mine, where as TRY only aim to prove up enough to justify developing a mine with a short pay back period. It's a bit of a gamble to think more resources will be proved up but try do asses the likelihood of of the potential.

Current situation is a bit like having a new mine but more of a fresh start given infrastructure is already in place, mining has commenced in the hicks extension and about to start at OC however the full extent of the reserves in both is yet to be identified and more drilling is required. Also many other targets with potential that need further drilling.

Not ideal chipping away extending LOM in an incremental way but producing gold to pay off debt and fund further exploration makes up for it.

Smarts underground has 100k-120k ounces on current estimates so that along with Hick extension, OC, Spearpoint, Larken and Goldstar could add up to 4-5 year LOM once converted to proven and probable. Then there is still Upper Tiki, Gem Creek, Karoubi Hills and other targets