Ann: Activity Report for Quarter Ended 31 March 2018, page-15

The best guide to cash costs is contained on p25 of the Annual Report. "Excluding the reallocation of the deferred mining costs, the C1 cost would be in the order of $US 1.65 to $1.80 ( at a 0.78 exchange rate) and this would be more reflective of cash costs." To reach minimum guidance of 22,000 tonnes of copper the next three quarters should average 5626 tonnes. At $A9000/tonne quarterly copper revenues will be over $50m and the 2018 total should be close to $200m. At the mid-point of costs ($US1.725) annual costs would be around $110m so 2018 cash flow should nudge $90m. This will be a good year and when the copper price moves up, HGO will go with it.