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long term holder

There are improvements occurring, albeit slower than we want.
MC - they are working down the open pit. This requires removal of waste & low grade ore from the higher benches. They have expanded the resource for OP & UG.

The extra crushing capacity will allow more product produced. This will decrease the cost per ton from $16 to $11. This capacity will be in place by year end with extra sorters. More tons means more cashflow.

Saloro is a recoveries play. can they increase the recoveries to more than 60%? They have made improvements already & Kevin is onsite to make sure they are sustainable. Apart from extra ore sorters in the future (currently running 2), no extra capital required. This has the most upside in the short term. unfortunately we don't have any financials on Spain. I expect we will see these after Kevin's visit (making sure it's sustainable).

Assessing the quarterlies and using it as a judgement on the long term investment is not a great tool. While not happy with negative cashflow, the quarterlies are difficult to read due to the joint venture, income & expense timing. capital purchases, waste removal (the grade is not consistent) & the cost of the cyclone.

Mining is a difficult venture, but the rewards are there as they develop & improve the mine. On the positive side, improve is shown in the FY production comparison. FY23 to FY24 with more to come in FY25.

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