well on track , page-5

Hi Vidi & Whitelight,

I've just listened to the Conference call. They didn't seem surprised about the small Q2 loss. $382 million CAPAX spent end of July. Should come in under budget. "The financial performance of the mine in Q2 reflects the change over from HMS to SXEW the results are not representative of the numbers we will reflect in the future."

Throughput rates when required have exceeded design levels. They will be in commercial production Q3 & full commercial production in Q4.

Will Kinsevere run above 60k? Yes absolutely. Comfortable to order expansion early long lead items now. Would expect production to exceed 5000t � 10-15% increase with these items. Mostly back end equipment.

In general very happy with the quality and as the plant stabilises Darryll is 100% confident we will be producing very good quality cathode.

They really have a lot going on regarding exploration. Kinsevere sulphides, Mutoshi assets, etc. There already has been a lot of drilling and the fact they are also looking and tested new brownfield sites is very encouraging.

Darryll seemed somewhat surprised about the Trafigura decision and said it was difficult to comment about Trafigura internal strategy. He mentioned Trafigura are approached at regular intervals about their stake in Anvil. He seemed happy that they have not just sold their stake to anyone and that Anvil will be major participant in what decision will be made. The strategic review will be finialised within this year.

I will be writing to the Committee as a minority shareholder expressing my opinion. Like you I would like to see Anvil producing 100K+ of cathode and a share price reflecting this. I don't want to see an opportunisitc takeover by a large miner at this stage. The fact that Anvil was invited to be involved in the process and they are mindful of minority shareholders interests gives us some confidence that we will fine "the right fit" majority shareholder.

I encourage everyone to listen to the conference call and read the M&A release.

All the best.

KKR