diggers'n'dealers, page-2

I was just going through the schedule and came across this GSJBWere Apex overview from last years conference. I post it up as it is always good to review previous targets/expectations from the market:

Apex Minerals NL
Consistent with our assumptions, AXM is scheduled to pour its first gold in November 2008.
• Production: By the March quarter AXM will be operating at a rate of 100koz pa,
when Wilsons comes on line in mid 2009, AXM will be operating at a rate of 150koz
pa and when Youanmi comes on line at the end of 2009, the company will be
operating at a rate of 200koz pa
• Target of 500koz pa within five years
• Aphrodite will likely form the hub of the potential second gold production base
11 August 2008
Diggers & Dealers 2008
Goldman Sachs JBWere Investment Research All figures in A$ unless otherwise advised
7
• Exploration budget $20m pa
GSJBW View:
Apex (AXM; $0.45) needs to deliver the Wiluna plant within the revised timeline to warrant a
rerating from the market. No change to our HOLD recommendation.