Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-16

Thanks for the detailed reply.

Your first post implies that you suspect that there is an abnormally high loss of HM to oversize rejection (at the DMU).

For anyone interested in this topic please take the above information into consideration, and also listen to Bruce's response to a question about losses to oversize (minute 33 in the recorded presentation, link is in an earlier post by shaun666).

In summary (paraphrased), Bruce says the following:

HM in the oversize is typically low mineralisation and/or poor quality mineralisation and therefore does not contain a lot of value.

We continue to observe that in areas with oversize that the valuable mineral in the undersize fraction still reports to what should be contained in the total fraction (ie, not much VHM contained in the oversize and therefore effective grade in the non-oversize remains inline with forecast).

The focus is to prevent overloading the DMU with oversize to avoid losing undersize in a scenario where the DMU is bogged down with oversize material.

"We're seeing nothing there that suggests we've got this wrong and that there is something going on in the orebody that we didn't expect."