Ann: Quarterly Activities Report - June 2013 , page-2

Solid quarterly report.

Corporate
I believe that the writing down of our gold assets although not great for the Company is an indicator of strong economic management. Currently much of focus for investors is on offtake agreements, improvement on recoveries, DZP EIS and Tomingley construction. In the not too distant future, the Companies economic credentials will be put to the test. The engagement of Sumitomo Mitsui Banking Corporation and Credit Suisse as financial advisors, the revised DFS, sticking to budget at Tomingley and now an appropriate writedown of gold assets and the sale of ~18% of our RRL shares to strengthen our cash on hand position are all extremely encouraging moves that only strengthen the economic management credentials of the Company.

DZP
According to RWC indicative timeline, the Company is only 9 months away from a determination on the planning approval. That will go quick.

In the mean time it is evident that Management are targeting the highest purity products and are continuing to satisfy end consumers world wide.

Financing
The experts would appear to have it under control. Could potentially be a very political process with a few interested parties. Still a general quote from Sumitomo Mitsui Banking Corporation (SMBC) and Credit Suisse on progress would be reassuring.

No mention of a CR. I very much doubt the Company would look to raise capital through a share sale anywhere near current prices. With an improving macro environment including a US and Japan led stability, the opening of discussions for product supply within China and improving product prices there appears to be a minimal down risk to the share price moving forward. In fact the next rally could even commence today after two matching lows in the past two days may have set a bottom.