Ann: Quarterly Activities Report - September 2016-AMI.AX, page-7

I guess with a new CEO, he is not going to over-estimate his first Qtr in the seat.
The payment for delayed concentrate shipment and gold shipments for late Sept amounting to $5.22 mil were rolled over into the Dec Qtr (That will make the the CEO's first full Qtr look good) takes the Sept
Qtr revenue to almost $$26 mil- just $4 mil shy of the June Qtr.

The company needs to pull out its finger now and direct its mining to improve the grades and issue
ongoing production updates rather than leaving things to the quarterly. Any person can report what has
happened but it requires a management which is on top of its business to highlight the ongoing
snags and provide ongoing remedies.

We pay premium salaries and we expect premium management.

IMO, this is just a temporary glitch and over the following two months we should be getting production
updates indicating that the company is on track to meet or surpass its annual targets.

The US election one way or another should help the POG and defer any movement in interest rates by the FED and the remaining gold hedge will help considerably in the interim, IMO.

Cheers
MM