Ann: Quarterly Activities Report, page-4

It's only the 22nd of Jan (released earlier than usual).... this tells me inhouse operations are humming along well.

The results also has a wide ranging set of good news.... not huge news stories but the volume of them (and in different areas of the business) speaks to a skilled team that is motivated and being well lead from the top.

A few highlights

• AISC ($1430/oz) at the bottom end of the guidance for the qtr and at HY ($1356/oz) DCN is tracking well under the full year target ($1400-$$1550)
• Achieved solely from OP mining (well done!)
• Net cash position of ~$14mil (big improvement from Sep qtr!)
• Hedging further reduced and only 10k /oz hedged @$1956 for this qtr (>40% of production forecast)
• Total hedging remaining now of 55k/oz - that will be closed out by the end of this year
• NTM merger currently on track to conclude in mid March
• Westralia underground prelim results to be released this qtr (eg; in the next 2 months)
• Awaiting final assays from Cameron Well drilling campaign