Ann: Quarterly Activities Report - 31 December 2020, page-10

I think a lot of ppl look at the quarterly and go - production down, costs up, cash flow low, no nifty sale and think it’s shiteful. I thought it was a cracker

Production down / costs up is a function of lower grades as they didn’t get much material out of Area 5 as they prioritised development of ventilation shaft. $9m (100% basis) of capital reduces cash flow - including tailings dam lifts and Area5 expansion works. Recoveries were fantastic, costs (on $/t ore basis) good, reduced G&A.. potentially reduced development costs vs LOM plan.

If you can look out 2-3 quarters you’re fully into the high grade, capex is mostly sunk, tin price flowing through financials, you’ve got reduced Corp G&A now and with a bit of lucky Nifty has been moved on (no more C&M). If we get that scenario the cash flow this thing will spit out will be phenomenal.