Ann: Quarterly Activities Report September 2014, page-10

"What's not to like at this market valuation - at least in my view!"

For me;

The grade has not increased significantly as was guided. At around 5g/t for this u/g mine, it appears too low for any meaningful profit margin and considering how long its taken just to get back up to 5g/t, I'm not confident they will get it much higher on an ongoing basis. Dilution is keeping it well below resource grade and if they do increase production further, how can we be confident that grade won't fall again? I'm no longer confident that an increase in production volume will bring cost per oz down. In that scenario there is not much point to increasing production if you're making no overall profit on it.

Hopefully for shareholders something changes for the better. The much lower sp does not make this any more attractive for me. I need to see evidence of free cash generation and I still don't see any sign of that at least 6 months beyond when commissioning should have been close to completion. Taking too long for my liking.