Ann: Operational Review Supports NAL Ramp-Up Plan, page-20

Good:
Some good signs that we are not going into C&M.
Recoveries looking better and ore dome almost finished.
Sylvain is doing a good job.
daily record for production
input grade is encouraging 1.18%
improvements still to come

Not so Good imo:

- breakdowns (common in mining)

- 150,000t total production (based on last 3 months averaged) only leaves 37,000 for the joint venture of which 75% is SYA share. Not alot of scope to make money when the rest is sold below cost - $814USD sell vs $839USD cost.

- We are still basically a drone worker bee for Piedmont.

- cost reduction not expected till end of year now

- delay to SYA exploration due to putting in more cash to the JV for only PLL benefit.