Ann: Quarterly Report Q1 September 2016-SBM.AX, page-7

I would recommend everyone listen to yesterday's webcast. I thought they came off sounding very professional (strategic). Previously, to yesterday i was wondering about future growth in SBM, and now, i am greatly more encouraged.

What was emphasized in the web cast was there will be a number of announcements about the future on or before the AGM next month - paraphrasing Bob - 'Organic (with their three existing packages of ground) and other growth.' I am sure the 'other growth' comment will proved to be very interesting.

One point of the web cast worth mentioning was a question about Dividends - Bob phrased the answer around solving three issues first - 1. re-finance debt (clearly not) 2. Gwailia upgrade cost - $250M vs $65M (going with the $65M spend) 3.Staying in Simbari and investing in the sulphide project (??).

They have now solved 2 of the 3 pieces and my reading is they look likely they are sticking with PNG (which will be announced soon) so it sounded like some direction on dividends will also be forthcoming at the AGM.