Ann: Federation project proceeds to Feasibility Study, page-10

So what triggered the jump in S.P. Federation is too far away at this stage. So here's a few possibilities;

• Great prices for Cu and Zn especially have impacted on the quarterly, making it quite profitable, resulting in a better than expected bank balance. For Instance, Cu is running over $3,000/t above the budgeted price. Could we be above $70 million tucked away.
• The much awaited first ores from Peak Deep are now flowing, while at the same time POG has risen slightly, getting close to our hedged price of $2441. Some of the rich intervals are close to the decline so we could improve free cash quite rapidly. Remember there are a few short intervals with over 100g/t Au. Not forgetting there are good copper grades down there too.
• Dargues gold is beginning to flow through in the higher grades, after a slow start. We took over in December and had very low grades as expected, so when we get to the better stuff it must be well above average. If we indicated 50k oz p.a. or 12.5k oz ave, we could now be getting as high as 18k oz/Q at $2441 =approx $44 million at a much reduced AISC. Eg AISC of $1000 could give $26 million on the guestimates I've used that admittedly are optimistic, yet still feasible.
• Then there is always the chance of some great exploration results. Peak Deeps has been shown to continue in multiple directions, Federation keeps building, and Great Cobar looks a great copper mine, not forgetting there were pockets of +5g/t Au which have to have come from somewhere. The infill results sure up grade certainty while it would be nice to find extensions that add to the total resource and LOM. Who knows what we'll keep finding under and around Peak Deeps, but it seems pretty much a given that we haven't reached the end of it.

Just a few thoughts after mulling over a sudden rise form 37c to 43.5...(almost 20%). Must be a reason, or two or three...