Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-3

Sorry, I hate people down ramping stocks that they do not own but had to comment here. Yes, I have been following this one for a while and never pushed the button to buy stock. Maybe they need a new MD to change the companies thinking. In day's gone past it was normally a given to have a market announcement well before the quarterly if production targets were going to vary by a significant amount. This after 4PM quarterly release on the last reporting day I find repugnant.

I have just gone through the last presentation where they trumpeted 2M oz AG production per year with a 1.1Mtpa mill. The resource being reported is 38mt @ 41gpt AG. I can't for the life of me calculate 41gpt (1.32oz per tonne) AG at 1.1mtpa throughput and arrive at the production target of 2M oz of AG. I do get 1.45moz with a 100% recovery rate though and revenue on that is circa AUD $50M at today's AUD silver price of $34oz. The lead credits are miniscule.

This mobs best bet is to cease production, raise enough cash to drill the crap out of Wonawinta below 70m and hope to find higher grade silver and/or lead to make this a great operation. Their current method of trying to raise surplus cash after mining campaigns is not working. All I can see is increasing debt and bugger all drilling going on below the current Wonawinta pit. Something needs to change.