Ann: Quarterly Cashflow Report, page-12

Hairy, Krum,

This may help your calculations.

The tails resource has always been reported on a zn.equivalent basis.....so although the report says 2.92% zinc, I am assuming it should be 2.92 % zn.eq mined...ie including silver...see page 11 of qtr report for zn.eq calculation.

So the zn and silver on zn.eq basis would be circa the 41000t.....also to support your $ 4.5m shortfall......37500 t con x 152g/t / 30 g = 190,000 oz x $16 Us oz/ 0.7 = $ 4.4m ( Ag $ just from memory )

Hope this helps.

Wassa.