Ann: Quarterly Report Q4 June FY20, page-44

hi

yeah I don’t dispute that basic chart

my only comments are on this one the company is not the same as the one that started to fall in 2018 - that company had less shares in issue and needed to significantly invest in development to extend gwalia- - sombrero was drawing closer to an en and it didn’t have Atlantic and gold price was far south of today

today it has almost completed it gwalia development and has seen good restoration of production- cash depleted from investment there is rebuilding

simberi plan and forcast done but permit and capital spend required - that will
Come but capital spending is far lower than forst thought

Much more resources and reserves now

it owns more assets- Atlantic.

See how it goes- can’t see sustained fall to 3 given cashflow it’s generating and that it’s cash pile is rebuilding well