The last resource upgrade given by AMI was last June which was...

The last resource upgrade given by AMI was last June which was 979.000 ton @ 5.11 G/T
I know that there has been good drill results posted by the company in the interim but, IMO,
Mr Market wants to hear what the current resource is in order to ascertain the LOM.

Since the last resource update there has been about 24K ozs of gold taken out.

Let us assume that the Dec Qtr of 13427 ozs AU is an average Qtr going forward , then this annualises @
53,700 ozs AU.

979,000 ton @ 5.11 G/T is 160,858 ozs AU
Let's say that 24,000 ozs have been mined since the last reserves update.
Then that leaves 136,858 ozs of reserves remaining.

The question that the market wants answered now is how much reserves have been gained
through the drilling program in the interim because the life of the mine post 2020 is crucial to
AMI's worth.

If Hera is only good to retire the Glencore debt then all shareholders have left is the plant for Nymagee
copper deposit and the development of Nymagee is just another money pit until it becomes cashflow
positive.

If AMI can cough up resource update in the next few weeks, IMO, the share price should stay above 20c;
otherwise we could see it retrace back into the bad old teens.

It would be good to have a prompt reserve upgrade which would at lease extend the life of Hera to
2020 and beyond. Leaving this reserve update to June-July is a mistake, IMO.

mm