director's committment, page-10

Cash flow was $70m last quarter ($280m annualised) production increasing to 2.4mt from 1.8mt next quarter which should increase that to about $90m this quarter. Provided the Fe ore price is stable revenues should be growing throughout the year. The loss was an accounting adjustment due to overpaying for AXO and GIR, but that is just in the current environment. If sentiment improves, this may change. The $1m profit was due to the Fe ore price dropping to $87 which we know now is not sustainable going forward. AGO is working on getting costs down like all miners and even if the Chinese pulled a "crazy Ivan" again it is likely they would still be profitable