Key points: 1. Positive: Process recoveries in the first three...

Key points:
1. Positive: Process recoveries in the first three weeks of July are back at 91% due to the main ore source being Matilda oxide ore.

2. Positive:Blackham’s Wiluna Nickel-Cobalt Project covers 40km’s of strike of the “Perseverance Ultramafics” sequence, which hosts world class nickel projects including Mt Keith, Cosmos, Venus, Perseverance and Honeymoon Well. The project has an inferred JORC 2004 Nickel/Cobalt resource of 80.5Mt at 0.77% Ni, 0.058% Co (0.5% Ni cut-off). Due to high cobalt prices, Blackham has received strong interest from a number of parties interested in acquiring an interest in the project.

3. Negative: Production guidance for FY19 is 77k-89koz @ an AISC of A$1,250-$1,450/oz. FY19 AISC is expected to be higher than Life of Mine AISC, particularly in the first half, due to the investment required to strip new mining areas in the Matilda Mine and to maintain a high mill throughput