Ann: Announces Release Date for Q1 2018 Results & Conference Call, page-8

The Turkish Lira has risen even more in percentage terms against the euro. In 2016 for 1 euro would get you 3.2 Lira, Currently for 1 euro you get 5.1 Lira.

I'm sure one of the analysts will no doubt raise the question as to "quantifying the Capex savings" as a result of the currency hedging and increased focus of turkish-lira denominated contracts over the Copler expansion. I estimate we could see a 10% saving on the US$744 project estimate.

2018 Catalysts

1. Plant Commissioning on-time and under budget
2. Organic growth via satellite deposits and reducing AISC
3. Gedektepe Feasibility