Ann: Investor Presentation - Macquarie Australia Conference, page-13

Did you actually read their quarterly - their forecast is for 390,000 ounces of sales not production so they only have to sell 102,000 ounces.

They explained the increase will come from Mt Monger and KOTH.

Open pit ounces increased significantly at KOTH by at least 2,000 ounces per month in March over their prior best month. If this run rate is maintained then produced ounces should increase by 7000 ounces easily this quarter.



Furthermore Mt Monger mill was down for maintenance which reduced tonnage by 10%. Add to that a doubling of French Kiss grade and an increase of 60% in ore tonnes from Santa Fe should also see another 7-8,000 produced ounces easily added. And I quote:

"Randalls mill throughput reflected lower processing plant availability following the completion of a planned
major maintenance shutdown in March. The lower throughput was partially offset by higher milled grades and
recoveries for production of 18,081 ounces. In Q4, mill throughput is forecast to return to normalised levels,
with mill grades expected to increase as mined grades from the French Kiss open pit increase."


All up that's another 13,000-15,000 ounces easily added to the 87,000 ounces produced last quarter which would get them 102,000 ounces and sales to 390,000 plus. The underground mines could also provide further uplift.

Tonkin has always been pretty good with his short term forecasts and given the report was released after one month into the quarter they won't be far off.

It's just a question of selling the long term reserves and massive resources the company has, including 9 million ounces in measured and indicated resources most of which was calculated using a very low cut off of $3,500 or less.

I am looking forward to the optimised mining schedule for KOTH due out in the next month which should hopefully lift confidence in the company.



GLTA/IMHO