rc research, page-5

Hi Fredo and all,

A1's price has held up remarkably well in the last few weeks, despite the heat coming out of the A$ gold price, and the lack of news. The price drop has been on very small volumes.

As production gets closer, A1 will go up with little resistance... Look at SLR for an example of what happens when a junior crosses the threshold from near-term producer to producer... A1 will mirror that.

And the A$ gold price is still very robust and the economics of A1's production remain excellent. I won't bother rehashing old analysis...

I have been lazy and not emailed John Williams for an update. We will find out what the state of play is soon enough.

As was said to me previously, "...I can’t see any impediments to BrightStar getting into production this year..."

A1 always under-promise and over-deliver. Production may well be sooner rather than later...

I am happy to wait.

Y