revisiting, page-4

Dilute the deliverables against forecast production of 280,000 to 300,000 ounces per annum over the next two years.

The sheer volume of ounces should cover the reduced revenue on those hedged ounces.

The trick is how they cover the convertibles two years plus out. If the production rate can be maintained for a few years and the gold price maintains current levels plus, the notes should be readily covered by cash in the bank.

The company probably ranks as the 3rd biggest producer in the region and one that could attract a substantial rerating if its next quarterly report is positive on the cash flow front. Needs to clarify the effect of placing Didipio on hold IMO>

Cheers,TAS