Ann: Annual General Meeting Presentation, page-2

I guess that the AGM presentation was not a price sensitive announcement
says it all; just a churn of old news.

The two fundamental things missing were:
(a) hitting the 140k tpa rate (plant still doing 315 ton a day or 70 ton a day short)
could someone who was at the meeting please tell us why?
I assume that its ore mined that is the problem rather than a hoisting,trucking
grinding or processing bottleneck.
(b) although they are taking out ore from the splay vein they have not yet hit the high grades
of 29 g/t which is the average splay vein grade with the silver factored-in. Supplementary
ore feed from the splay vein at a rate of 1 to 3 would take the overall grade to 15 g/t au
from today's base 10 g/t or a 50% lift in gold produced.
.
There seems to have been dilution by the access ore to the Splay vein which has kept the grade
at 9.6 g/t AU & 48 g/t AG (approx 10.3 g/t with silver factored-in)

Nevertheless, this is great news that the miners have accessed the Splay vein and we should have good news later once the access ore is out of the way.

I'm still concerned, however, that the company did not make an ann in mid Oct explaining why
the throughput had not reached 385 ton/day as per the Sept 1st announcement. The SP has dropped
from 40c+ to 33c more for this reason than the small drop in the POG in AUD.

This is likely why the CEO is now being cagey re any further forecasts.
Perhaps someone who was at the AGM could post a summary of the Q&A session.


The confirmation of the $650/oz AISC once production stabilises was the best news in the whole presentation because it confirms that KRM can be very profitable even at these low gold prices.

Keep an eye on the Swiss referendum on the 30th November because if is passed it will likely
mean that the Swiss Central Bank will consistently buy gold over the next 2 years which should
put upward pressure on price.

With best regards
Moorookamick