Ann: Fremantle Conference Presentation, page-49

Observations:
1. If costs were in line with expectations I think Lachlan would have screamed from the hilltops that everything is running on time and on budget. The fact that he has not mentioned that things are running to budget is very telling.

2. I’m guessing that all this selling of shares is because someone is about to exercise a serious amount of options to raise cash. I think this would be a positive as it would accelerate drilling and testing.

it would not surprise me if costs have increased by about 15% above forecasts however I see these cost pressures easing significantly if not by now, then in the not too distant future.

Having noted the above, I’m confident with HGO as an investment and believe it has huge potential when it increases reserves and throughput.

If HGO cannot make money out of copper production then very few copper miners would be making money.

Ducky.