Ann: Trading Halt, page-120

Rosencrantz

Rohan can play a bit loose with the facts - eg his claim on page 1 of the December 2018 quarterly report that "Current ore reserves defines a 7 year production profile at 200,000 ounces per annum." See my comment on this issue at

https://hotcopper.com.au/threads/an....4617659/page-2?post_id=37263565#.XJdZ4rhS_cA

where I dispute their ability to meet this production profile with the current ore reserves and milling capacity.

Rohan did modify this statement at page 9 of the report, but IMO its still not factual in respect to what they can achieve with the current ore reserves - see

https://www.asx.com.au/asxpdf/20190130/pdf/4425jd2zmp4050.pdf

I want DCN to be a successful operator and my view is that with the rising AUD POG it would not matter too much if their AISC over the LOM were $1100-1150. so long as they can actually define an ore reserve that supports production of around 200k ounces pa over 10 years.

Esh seems to be a true believer as far as DCN is concerned while seeing every obstacle why RMS's share price should be much lower despite both companies being in the aspirational phase of development.

loki