Ann: Investor Presentation - Macquarie Australia Conference, page-12

I have lost confidence here.

The latest quarterly tells us we are up for a very ordinary June quarter based on the fact that they did not change the AISC guidance. This was very disappointing for me given where we currently stand for the year.

No meaningful numbers for Federation make it impossible to put a value on the asset at this point in time. My guess is a significant amount of capex is going to be required to get this going given suggestions of a new mill or upgrading the existing.

I also question the Dargues investment.

On the positive guidance for next year should be a lot better as Dargues and Kairos start delivering, expecting very little from Hera. I can see 125-150k ounces at a much improved AISC next year provided they get the Peak throughput up and Dargues starts hitting the higher grades