Ann: Quarterly Report Q4 June FY20, page-28

BK and Fangk

I did not get to listen to the whole CC (came in after about 15-20 minutes) and I tended to nod off at times due to poor sleep, so its probably best for you to have a listen - I may listen again later on when it becomes available.

BK's question

"regarding Gwalia, did Jetson talk to the reserve grade and whether or not they've hit lower grade in the qtr (well, obviously they have) and whether or not they think they've got better grades to come? The reason I ask, is that even if they continue these Total Materials Moved numbers with the yet to be fully realized benefits of the ventilation, they should come in under cost guidance when the ventilation waste effort can be diverted to ore mined. And that should be realized this next qtr right?"

Jetson said the issue holding back the near future improvement to production and lowering of costs is the need to "optimise" the mine plan. I did not not really follow what he meant. Grades are coming down, as expected, but its still forecast to be at a very solid 6.5 g/t. However the tonnage mined will be below the optimal long term level of 1.1mtpa. I think there may be scope for the grade to average a bit higher than what the reserves indicate (based on past history) but the issue seems to be around mine sequencing, the plant they have underground becoming fully used, and getting all the components with the ventilation shaft finished plus cooling plant upgrade. I really do not understand why all this should take 2 years!

Fangk's question

"Did Jetson mention what will be the major development work in Gwalia post current GEP."

Not as far as I can recall - but perhaps its best for you to listen to the CC as I sometimes just catch the points I am interested in.

I have sold half my SBM holding. That will provide some useful cash for other opportunities in the goldie sphere, and in case the gold price stumbles for a while.

GLA.

loki