Quarterly predictions, page-16

IMO - a major driver of lower C1 Costs is linked to the quarterly concentrate production. High utilisation and significant fixed cost nature seem to equate to GRR needing to produce more than 630k of concentrate /Q to deliver a quarterly C1 Cost under $80.00. Shutdown period is likely to reduce quarterly concentrate produced and lower number of production days for the quarter as Miningnut has previously stated.

Source: GRR Quarterly reports

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11
0	GRR	Q1 2015	Q2 2015	Q3 2015	Q4 2015	Q1 2016	Q4 2016	Q1 2017	Q2 2017	Q3 2017	Q4 2017
1	Total BCM Mined	3,872,777	3,921,851	3,714,555	3,789,897	3,240,319	1,976,867	2,501,748	2,830,825	3,081,944	4,046,988
2	Concentrate Produced	709,646	588,186	637,927	670,474	664,257	604,608	497,800	181,499	583,822	696,483
3	Weight Recovery	47.8%	48.4%	48.4%	42.3%	40.8%	44.8%	44.8%	36.0%	53.2%	55.6%
4	C1 Costs	$ 71.00	$ 88.00	$ 79.00	$ 73.00	$ 63.27	$ 80.13	$ 91.02	$ 252.44	$ 85.04	$ 76.89
5	Over 630kt Concentrate	Yes	No	Yes	Yes	Yes	No	No	No	No	Yes