Ann: Production Update and FY 2019 Guidance, page-58

"... It could of been lot worse if it had grade issues."

The announcement makes no specific actual mention of grades at Westralia or Jupiter.

It talks about an "expected" increase in grade at Jupiter during the June quarter but omits any mention about grade at Westralia just saying that tonnage will increase due to equipment availabilties (see below).

"• June quarter production is expected to be in the range of 50,000-55,000oz at an AISC of A$1,050-$1,150/oz

o Access to the higher-grade Cornwall Shear Zone at the Jupiter open pit has commenced on schedule and is performing well, underpinning the expected increasing grade profile during the June quarter

o Underground tonnage contribution at Westralia to increase in the June quarter due to equipment availabilities normalising and as mining advances further into the Allanson deposit"

Further down in the announcememt it says this about Jupiter.





They are saying that the grade from Heffernans increased during the month of March but give no number and they are saying "this increase in grade continues during the June quarter where the mined grade is above the average Jupiter Ore Reserve grade".

The use of langauge ("this increase in grade continues during the June quarter") suggests that in the June quarter the grade at Jupiter should increase to >1.4g/t, ie >Jupiter Reserve grade, so this sounds like good news, a grade increase of 55%, IF YOU CAN BELIEVE IT and there in lies the problem for the moment. This management needs to win back trust. Esh