Ann: North American Investor Presentation - September 2018, page-18

Just watched the Denver presentation.

Interesting if you watch at the end of the talk (during the question and answer period) when an audience member asks about historical resource to reserve conversion ratios at Deflector. No actual answer is given. Most chiefs of mining companies will know this number as its an important number.

Also how can the company crow so proudly about it having turned the corner by paying off debt when much of the debt was paid off by the recent capital raising, not mine performance. Still also stating that it will take until the end of the year to remove the remaining $10 million of debt off the balance sheet.

It was also clear from that presentation that the target is currently 85kozs of annual production at the moment, not 100kozs, although listening to the presentation one could easily be led to believe the company has already been producing at this level for a long while.

We will see how these low AISC and production guidance numbers transform into cold hard profit soon enough. With the exploration spend, C&M spend on Andy Well and managment costs they better perform to a level that matches all the jawboning.Esh