Ann: S&P Ratings Services Downgrade, page-57

Graph (above) – shows Small Mining Company index at 28% of what it was, which totally correlates to current drilling utilisation rates (note small companies use capital raisings for all exploration) i.e Old Time Drilling Utilisation of ~ 80% times current index (from 100% at peak to 28%) = Current Drilling Utilisation rates of ~ 22% – Spot on - this is what Boart Long Year is operating at even though 90% of their drilling is to major mining companies.