Ann: June 2017 Quarterly Report, page-18

Just too many excuses. Each qtr a few excuses are rolled out to justify more poor performance. Continued "mining availability issues" and more blame for the "strong" currency. I understand that things don't always go to plan and that mining is a challenging business, but this team is very very well paid and some of these excuses are not worthy of a management team at this pay grade. The least they could do is use some of their considerable salaries to buy shares on the open market- demonstrate some belief.

Looks like the next 12 months will be much better, but with loan delays and mill upgrades, I think this will only get us back on level terms. I am not convinced at this stage that in the medium term the company will support anything more than the directors lifestyles.