Ann: Quarterly Activities Report, page-4

Agree with most of what you said. I do however think they should respond more to a rise in POG because they are low margin, relatively high volume so are quite leveraged compared to those with low AISC but low volume.

The problem with this one is a mediocre management running mediocre mines. Bluebird should be running at 400kt+ throughput per quarter with close to 90% recoveries for 30koz+ not 300kt with 85% recovery for 22koz. The secondary crusher was meant to be done last quarter but it’s now delayed till April due to “delays in electrical component delivery” - this smells of utter incompetence.

They also appear to have no real plan with MGO... Cue is slow going and they keep going on about big bell potential but they’re still processing sub 1g/t stockpiled ore as they struggle with mining the better grade stuff. Better grades is free money as costs don’t increase just output.

There’s plenty of potential across the board for decent volume and AISC but management appear lazy and incompetent.