Ann: QRC Resources Roundup Presentation, page-6

It’s easy as a non-holder to sit here and nit-pick over small details, but when you zoom out and consider the big picture what they’ve achieved in the past year is hugely impressive, in my view. Three new mines opened in what has been very challenging operating conditions, Burton CHPP module refurb’d and commissioned on time/budget deserves a special call out. So congratulations absolutely due.

Most of this presentation is already known, but what I did see is the 450K ROM coal done at Bluff to date. First coal was mined 12 months ago, so even allowing for a ramp-up period towards steady state (which is 80-100k), across a 12-month period that’s averaging just 37.5k per month ROM. I remain curious about what’s really happening at this mine, but it shouldn’t detract too much from what they’ve done overall.