Ann: Trading Halt, page-17

Gold sales  during May and April was 8,011 Oz of Gold . As of June 6 approximately 5,000 Oz at A$1,499 per Oz was sold into the existing hedge and the remaining 3,011 Oz sold at spot (assume average A$1355 per Oz).  Assuming cash costs were at A$1,210 per Oz then EBT would be A$2,751,774  for May and April. Tomingley is therefore making good money and more importantly not running at a loss.

In terms of the Capital Raising, the Company has made a decision to keep its project schedule as close as possible to ensure production by mid 2016.



The options are sit back and do nothing and watch production blow out or raise capital now to proceed with pre-development activities that will give the Company the best chance of being in production in line with the schedule. Assuming Annual EBITDA is $290.0M (2013 DFS) then that equates to $72.5M that the Company will lose every quarter that we miss the production deadline.

Assuming that the Company looks to raise $25.0M now, then in reality that is peanuts to the potential cost benefit against delays to production which I am sure our new international fund manager will not want to see.