Not so good PR, page-34

GJ,

Just be aware that part of the recovery improvement was due to higher grade. It may not be so good at lower grades although I believe with the mill running below nameplate they could use a finer grind to boost recovery anyway. So I think there will be a general trend of improving recovery but lower grade might create some bumps.

The bigger deal is that prior to the slip both grade and tonnes were outperforming. I have discussed this before as the reserve grade was previously much higher than it is now. I believe the new reserve is overly conservative (2.8g/t vs 3.4 previously). Likely answer is somewhere in between.

I know I keep hammering on about this, but open pit mines with 3 g/t and good recovery are virtually unheard of these days. You can do a lot with this including taking strip ratios higher.

With respect to the slip, the hopeful answer is the area is mineralised - of course this remains to be seen but there is a good shot at this.

As far as gold goes - I have been wrong for a fair time now, but it will end up going much much higher.

Red will be there when it does too. I'm a bit shocked to see my investment down 35% on this and it hurts because I don't play around but this remains a major opportunity in my view.