Ann: Quarterly Report March 2015, page-11

Third Quarter Operational Update:

After reading the update I was slightly disappointed. I expected a higher production. But when compensated for lost time because of shutdown on the L8 shaft and ramp up I think it is ok. The rest of the numbers are also fine. The only question not explained is why they sold only 17K of gold when they nearly had a production of 24K. Some can be found in the higher sales (higher than production) in the second quarter, but still.

But the big surprise for me was not in the numbers, it is the update itself. After reading it twice I can only say that management is really making an effort to lift to company to a higher level. They provide a lot of information about what is going on in the company. It feels like they take your hand and explain where Medusa is going to. And that in a way that they make sure that they can deliver on what they tell us. This is a big step in restoring the confidence of the investors. They lay a solid foundation for the future ahead. I tells me that, although in steps, they will move the company to a higher productionlevel and, if the POG will cooperate, to a higher SP. This is for me the most important message from the Update.