Ann: Quarterly Activities Report, page-2

"The unaudited AISC for the quarter was A$1,182/oz. The March quarter AISC adopts Silver Lake’s AISCmethodology and includes all sustaining capital and exploration expenditure. Silver Lake will further review the Deflector AISC methodology to ensure consistency throughout the group."

This excerpt from the Doray section of the report was the only 'excitement' in this very sober report. AISC are improving, vigorous (fully funded) exploration continues but total gold production on an annualised basis falls well short of promised 240,000 oz merger hype. Hopefully Cool Hand has some surprises in store so as to make a splash at Diggers this year .... hard to see much upside that isn't related to POG movements unless more corporate action (?) Time to find another growth stock.