Ann: Investor Update Presentation, page-22

Hi Spectacular,

Whilst I know it has been frustrating for holders and the costs are high and need reducing ( or increased gold output ) I compared the Dec physicals of Ora Banda and Pantoro. I do believe on face value they are operating very efficiently in comparison.

BCM moved 535775 vs PNR 1379028 … 2.5 times as much.
Ore Mined 337683 t vs PNR 344995 t … similar.

U/G Development 910m vs PNR 2178m … 2.4 times.
U/G Ore 13450 t vs PNR 48163 t …. 3.5 times.

Both companies milled similar tonnes with PNR slightly ahead in produced ounces.

I too hope the contractor change has gone smoothly and the production profile continues to rise unaffected … there was some commentary that the Scotia costs had reduced by $3.5m from Oct thru to Dec, not clear if that was per month or on a qtrly basis or maintainable. Q1 may show high costs in closing out the Hampton Mining account and mobilising APS.

l don’t believe they will require to continue development at a rate of 2000+ m / qtr going forward with 12 months of stoping fronts currently in advance by Paul’s previous comments. ( If I recollect correctly )

I contacted PNR today to clarify all of these.