Ann: Media release and presentation re 2015 results, page-25

Gareth

if you read the 4B / preso - you would note

chg in cash is almost entirely due to spend on expl (and small amounts on redundancies) and cap development .....

if you have shut-in the operations (which MCR has done) then cash burn will be <4-5m per annum.....

you will also note - MCR stated "left developed ore" to fund restart ........which is astute ....

also indicated around 10m in capex for Durk Nth ........I estimate opex around A$3.50/lb given the depth .....

as Diesel indicated - only WSA will generate cash in current environment ......everyone else is underwater .......

check the accounts of Antam - the NPI players are waaaaaay underwater .......a few even have lots of debt ........banks don't lend to -ve RoR assets ....so new supply will be shutoff in due course ......

all of this will take time ......so perhaps it goes lower in the short term ....

rgds
V_H