in a nutshell, page-45

Hi juk,

Good sensible posts from you as usual. The "grade in doubt" concept is always true and more so in this instance. AAM are presorting ore so even the first sets of pours will not be representative of average grade. They should be better than average.

The company needs to be transparent with these early figures. Even before the gold recovery circuit is fully operational, they will have plant throughput figures to match against gold extracted from loaded carbon via third party treatment.

I phoned AAM yesterday to ensure my email made it to JW. I attached the shareholder letter in its final form but without names and shareholdings. There are still a few holders looking to be included in the letter. Anyone interested can still email me. I will reply with a copy of the letter and you can email back your instructions.