Ann: Investor Presentation, page-34

I think people were spooked by any mentioned of grade reconciliation given what happened to GCY and DCN. But this was clearly not a geological issue and was a mining problem exacerbated by two outbreaks of Covid.

The water issue was an unwanted suprise but lower milling rates this quarter should allow them to mine more ROM grade ore to be stockpiled. Their operations were only down $2m for the quarter so if they produce 13-13.5k this quarter, they should be break even. I think they’ll mill 495kt this quarter with a mill grade of 1g/t which will be 15,714oz which means they will be cashflow positive by about $5m. More importantly, at the beginning of the next quarter we should be at nameplate and putting ore with more than 1g/t through the plant.