Ann: Quarterly Activities Report , page-5

Hi guys,

To have exported just over a million tonnes for the quarter must have disappointed management. I realise there was additional low grade ore to be shifted but in some repects this last quarter was under par compared to the previous quarter, and the previous quarter had the crushing plant shut down for a lengthly period. Management are aware that the plant under performed and have made some changes that appear to have worked.

I do note that this is the first time I heard production going beyond 6Mtpa with a mobile crushing plant to be added.

Beyond 6Mtpa to what I wonder?

7Mtpa maybe?

Anyway still not a bad quarterly, just not earth shattering. The cash costs of $51t was a little higher than I was expecting. Maybe a ship's payment missed the recording date.

Also, there's been a reasonable amount of rain at Nullagine over the last fortnight. Once again to be expected to a degree for this time of the year, but here's hoping it's not dinting production too much.