This is extracted from the Chairman's Report to the AGM on 15...

This is extracted from the Chairman's Report to the AGM on 15 Nov02. It doesnt give any cause for concern but I welcome your thoughts.

Regards M.

" Gold production in the 2004 financial year will be in excess of
550,000 ounces irrespective of when the north end Tarmoola production
re-commences.

Our estimated delivery price for gold this financial year, from our
gold hedge book, is A$595 which is above the current spot price.

It should also be noted that a large proportion of our gold hedge
book is in the form of Put Options which represent uncommitted
ounces. There are no over-committed ounces in our gold hedge book
relative to forecast gold production."