Ann: Production Improvements at Granville, page-36

Your selling was definitely justified, there wasn't much positivity in the company at the time. I just want to address a few things you said however.

- Recovery is 56% for August (Figure 3), not below 50%. This is also month-to-date and we have almost doubled recovery since July. If we had stats on a weekly basis i'd assume we'd see an increase each week due to optimisations and then finally getting the crusher up and running. Assuming this recovery is still on the rise.

- Grade is lacking but the chart does not factor in the high-grade skarn processed yesterday so we can't assume low grade overall yet.

- Production of 0.4T isn't a lot in one day but ANW have literally just started processing, this will be improved as we head into September as they have mentioned. Looking at the prior months it has vastly improved. I find it a little deceiving when you call them out for only having 0.4t when is has only been a single day.

- Production costs are hard to gauge after 1 day, let them smooth out the process and get back to use with the costings.

If everyone took one look at day 1 production and assumed these were the stats for the whole operation our economy would be floating in the water. It's a slow process and the second half of September will be able to show us proper figures. It's still great to see ANW start production, now we wait for the proper stats later down the track.