TIE Profitability, page-77

Quinco, there are 3.8 million ounces of gold under the ground does not necessarily mean you can dig them out economically. Hence why a Life of Mine is required to convert resources to reserves such that us investors know how much gold can actually be recovered with a decent profit.

Captain is right in this sense as you do see a drop in bankable reserves in your main mining pits after vast infill and exploration drilling in AG. This means AG deposit is very much as what we see now considering they have drilled over 700m deep. Though the good news is infill drilling has confirmed 470,000oz gold in the first two years of current pit shell (positive and 10,000oz more than previously planned). Whether they can achieve the numbers is a different story as they have had multiple hiccups during ramping up and hence SP pulled back.

Market all expect this quarterly production numbers will be disappointing and AISC will probably be through the roof. We will see their estimated AISC for the next couple of years when they release their quarterly but realistically speaking it will be way over their DFS, probably around 1000-1100$USD/oz mark.

All we can do now is pray TIE has done a better job in March quarter and can reach nameplate in June quarter. Hopefully SP will fly in the next quarter.