Ann: Quarterly Report September 2013 , page-2

Report was not particularly out of the ordinary. AISC finally published at US$1 320 but Simberi and Gold Ridge underperformed. Their hedge at KotH came in really handy. Cash fell by $23m over the quarter, with $12m being carried over from the last quarter, so down $11m over the quarter.

Average gold sale price was US$1 370-1 380 (?) which is similar to the other gold miners. I guess the only real worry is if gold price stays around this range for the rest of the year, then they will need to raise capital since they are fully drawn down on their debt.

Stock price looks quite beaten over the past month. QE expecting to continue looks to be the support. I really doubt they will taper QE by the looks of it. But if they do, things will look ugly before the rest of the world sees the US cannot afford to taper since the whole market will tank. Gold I think is in a win-win situation... but a rocky rollercoaster ride ahead.