Ann: Production Update - June 2017 Quarter, page-27

They way I view it and its only a personal perspective based on my own buy in average and experience but even if they keep trending water and keep spending the free cash flow on exploration that's fine with me, eventually the price of gold should surge or they will stumble over something of value.

Say for argument sakes they do stumble over another Long Canyon in Nevada ($2.3 billion) the growth story starts to take-off. The company is well positioned to hang on to any discovery that they might make and extract full value or close to full value for it. The last thing I'd want to see is the company going shopping with the money. This business (the gold business) is about running tight ships, biding your time, sniffing out the opportunities and turning those opportunities into dollars.

And I don't won't to see a dividend paid until the company can pay it through steady NPAT. The market keeps pushing and pushing for higher production. Remember we were going to go to 150k/annum in presentations last year. That's what's caused the disappointing result this year IMO. We should be concentrating on profits not ounces and we should tell the institutions and funds to go look elsewhere. At the moment the company is self sufficient so we don't actually need these parasites. Let's run the company for shareholder return and not be lap dogs to the market. If you run the company well the share price will follow. Esh