Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-2

Dear oh dear, where to start? I can see why they asked for $5M; they would have been severely in the red otherwise this quarter. Why is there gold leftover in the circuit when they started silver processing? They had 3 weeks to strip the gold out - surely they were stripping and pouring like mad in that time yet there is almost 30% left?

Why are there only 30,826t processed? Up until March 9 I make that roughly 68 days of processing - so 453t per day? 19 tonnes per hour? What is going on?!?!? Another quarterly statement with a mention of adverse weather conditions...how much longer are they going to milk that excuse?

Lets hope they can get 150kOz a month of silver out of the plant otherwise they are sailing very close to the wind. Still owe ~A$11M payable by September - I can see that getting kicked down the road again.

Also would have been nice if they had mentioned how the recovery on silver had performed so far. About a month of data and no hint? How are the tonnes progressing?

I fear another CCR / Black Oak coming up. I know I'm a doomsayer but seriously - does anyone else see these points?