My Production Guidance moving forward into 2019 on 80% basis...

My Production Guidance moving forward into 2019 on 80% basis

Copler Oxides - say 80,000 ounces
Cakmatepe Oxide - say additional 50,000 ounces
Copler Suplhides - say 170,000 ounces

Financials

2019 – ~300,000 ounces
AISC - say US$750
GOLD PRICE - say US$1,250-1,300

300,000 ounces @ ~US$500 margin = $150m Net Profit*

*deferred tax benefits (minimal tax probably 5% effective cash rate)

150m profit/293 outstanding shares = 51 cps

Note:

Significant free cash during 2018 and beyond due to tax credits and deferred benefits.

Fully Funded to deliver projects

1 million ounces of stockpiled contained gold (average 3 gram per tonne) awaiting processing.

Impact on Share price

De-risking continues in 2018, project advancement leading to Q3 2018 Copler Sulphide production. Exploration improving confidence of nearby Cakmatepe and Ardich.

Leading to re-rate. Significant upside to share price. Share Register remains vulnerable to possible takeover with no real major holder.

Currently drilling hole 37 and 38 at Ardich….keep an eye on this!!