I smell a rerating. It's one think to forecast it. These guys...

I smell a rerating. It's one think to forecast it. These guys have delivered.

And there's no massaging the results to make them look good.

• $11M of pre-stripping costs expensed this quarter. Lots of other miners would capitalise this.
• Equipment leases paid out to reduce future interest payments.
• Final payment for Kailis made early.

Other signs of long term improvements.

• Investment in secondary crushing and oxygen injection at Thunderbox increasing yields.
• Hedging added at $160/oz more than hedging delivered during the quarter.
• Grades improving with depth.
• Mine rate improving with twin decline at Carosue Dam.

This and RSG are my largest holdings.

Cheers,
Tim.