update

Spoke to GL today.

very, very positive conversation. Summary below:

- production for the quarter just past is a few thousand ounces less than the previous quarter due to them getting to the bottom of the WD pit and Dec quarter will definitely be the last quarter of mining as expected and we will see production levels really drop off.

- there is a final meeting with PLY the week after next to make a decision on whether to mine Vertigo. GL's view is that they should and they are obviously incentivised to do so given the plant is already there. The issue is that it is still marginal even at current gold prices, but it appears it is just a matter of getting everyone in agreement.

- they see a lot of value in the plant at WD and see it as very mobile and one of the main opportunities they are pursuing is to buy resources and relocate the plant inexpensively to continue production at same levels as WD. The exploration around WD is not turning up anything as exciting, so this would seem to be the best option. Given it will take at least 6 months to finalise an acquisition and relocate the plant, the hopeful plan is to mine Vertigo first and then relocate the plant next year to continue production.

- ATO have confirmed no issues on the ruling and are just going through their process of sign-off. Hopefully not too much longer. GL acknowledges it is frustrating and just wants to get the dividend out of the way so they can move on.

- still very considerable interest in the Mt Colin resource. Although it sounds counter-intuitive, there is actually more interest at these lower Cu levels due to the high grades. Therefore it stacks up even in the $3 Cu environment. EXS are not looking to prove up the resource all that much more as they see the current time with the resource still open as the best time to crystallise value.

- Qld exploration has yielded some very interesting results. He said they are just being systematic and pulling results together before making announcements, but that we will definitely hear something at the end of November about Pumpkin Gully, Hazel Creek and Canteen (I can't remember this last one, so will need to look it up - hopefully a bit of a surprise).

- confirmed the stock overhang was cleared out yesterday and was pleased about it