Ann: Hera Resources and Reserves-AMI.AX, page-10

A good, solid resources and reserves report. There is still some conservatism built in with the 47% undercall of gold grade in recent mining. The processing remains the big risk and appears to rightly be the main focus. Note that the very high grade area called North Pod remains outside the reserve, (presumably since there is no UG definition drilling there yet).
Agree with mainholm that management performance last year keeps me dubious and that a couple more quarters of good performance data is required to lift the price.
I also note that one of the independent directors has resigned from the board. This reduces the board to 5 which is close to right for a one mine company. Do not appoint a replacement director please. It would be good for one of the Glencore directors to resign as well. Preferably Mr Menzies due his role in smashing the company last year.
The quality of the asset is starting to show. There is no substitute for grade.