Ann: Quarterly Activities Report, page-5

I sold out at 50.5 cents this late morning to spend a bit of time re-assessing things. I based my decision after a superficial scan of key parts of the report so I am probably wrong. Main reason was that although AISC has come down a lot, its not near my expectation of around $1000/0unce given the much higher production this quarter.

They are indicating that they will add to their cash balance next quarter, and it would not surprise me if that was around $100m by end of June 2018.

There is an interesting comment made on page 5 that "Q4 2018 costs will include the non-cash inventory adjustment for stockpiles which will be treated post completion of imperial open pit." I am not sure if that mean this will add to or subtract from AISC. I note that the non-cash inventory adjustment was minimal in the March quarter.

Mine is not a brilliant exit price but since I only woke up around 11.30 am, I was not around early enough to get a good price.

GLA. It has been a nice trade, and for all I know (which is very little) SLR could sail off towards 70 cents, especially if the gold price takes off.

I'll be back in, perhaps.

loki (on the other hand it may come down to fill some lower level gap)