Ann: Presentations to 2017 Annual General Meeting and webcast, page-7

Zeeshan

They all have their merits, as do RRL and OGC, which I view as the currently proven mid-tier Oz gold producers. I really do not know which will do the best in 2008, but EVN seems to be relatively undervalued as it has not moved as much as SBM, RRL or NST. NST and RRL have growth plans which may enable them to do better in the longer run unless Jake comes up with some new magic. EVN's position will improve as it pays off its debt, which I think should happen within 18 months, if not sooner.

I like OGC relative to the others mentioned above except for their issues in operating in the Philippines (I think they have a ban on open pit mining, which may be reviewed). OGC's 2 NZ mines are running out of gold reserves in the next 2-3 years but they believe they can extent operations there (the Macreas plant would need to be relocated at some cost) by 7 years or so.

You can get a feel for what some analysts are valuing the goldies by accessing this site

http://www.4-traders.com/OCEANAGOLD-CORPORATION-6497051/consensus/

It is also worthwhile to have a look at the presentations made at the most recent Denver gold forum, and listen to the related webcasts - see link

http://www.denvergoldforum.org/dgf17/participating_companies/

Having said that I suspect that RSG and AQG will outperform these companies next year so long as they meet their targets - but these are much riskier plays. SAR is another that could run back up to its former high if it meets its targets - however, I note it has not yet defined enough high grade ore to maintain its projected low costs far enough to tempt me to buy them.

Riskier goldie plays with strong potential in 2018 are GCY, BDR, MML, and BDR.

If the POG heads up then the strugglers such as MOY, RMS and SLR will also run. MOY in particular may turn out very well if they can continue with their successful gold exploration near to their plant.

I have had some difficulty in predicting with any accuracy how our better Oz based goldies would perform because the AUD/USD exchange has fluctuated against my assumptions and because it seems that overseas fundies are not dumping Oz goldies in the same manner that they used to when the US POG has turned down. I think that is in part because mid-sized goldies now make a smaller proportion of GDXJ. Maybe I will have some luck and be able to buy them a bit cheaper than where now stand in the next few weeks.

Good luck.

loki