Ann: June 2015 Quarterly Activities & Cashflow Report, page-3

Hi Andy,

It is a bit disheartening that the incidents keep coming but I added to my holding yesterday because they are starting to accumulate cash (almost in the black now), reducing the overall risk in spite of these issues which I think are just part of mining. In another quarter or 2 the risk of a bad incident shutting them down and going out of business due to lack of funding will disappear almost which should see a PE rerating even if production growth is slow.

We might then 6 months later be valuing the company based more on the actual value of the reserve and the low cost of production and also be exposed to the gold price rising in future in/when that happens.

Dyor etc, cheers,
Pb