Ann: Quarterly Activities Report , page-2

Having patiently watched WDR transform into producer status seemingly without any published ore reserve or feasibility study despite the occasional references made in Competent Persons Statements to a reserve, mine plan, mine schedule and costs (eg. ASX release of 29 Oct 13), I'm now left to decipher this quarterly report which IMO lacks any meaningful detail. In particular;
- there is no data on grades for direct shipping ore and blendable direct shipping ore produced and note that the current waste to ore ratio is running at greater than 8:1 which I hope will be lower in the future.
- receipts were $8.2 million at an average sale price of $120/t implying ~68,000dmt were sold although only 24,000wmt were actually shipped!!
- there is no specific production, sales or cost guidance provided for the forthcoming quarter or for FY14. Can we expect a material drop in production costs which exceeded revenue this quarter? With a net operating & investing cash flow of -$124 million for the last 6 months (-$237 million since June 12) and debt facilities fully drawn, ramping up ore sales and lowering production costs are going to be critical issues for the forthcoming quarter
- when can we expect an ore reserve to be published? I note the following disclaimer in the 15 Nov 13 presentation

“Ore Reserves and Mineral Resources Reporting Requirements.
Investors should be aware that as an Australian company with securities listed on ASX, WDR is subject to Australian disclosure requirements and standards, including the continuous disclosure requirements of the Corporations Act and the ASX. Investors should also note that it is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the JORC Code”.

I presume Macquarie would have requested this info for the project finance DD.