Keep it simple, page-5

@Carloyal, to summarise my view, I have confidence that the company will continue the turn around this quarter. There's no reason to doubt the Board. I like the way they identified and addressed the issues with Haile. They inherited these issues. I also maintain the view that OGC is undervalued on a peer-to-peer comparison basis. If Haile operational results are positive, this may be a catalyst for a market re-rating of the company. The other two issues that may be of concern are the Philippines... and the company's debt. On the former, the company isn't doing open pit mining - that seems to be the main issues of concern. On its debt, I'm not concerned at all. The company has more than sufficient free cash flow to pay it off quickly. Low AISC is a major advantage and they (the company) seem to be achieving mine life extensions.

Hope that helps.

Baron