Quarterly, page-3

Very very pleasing to see the this quarterly, with the strip ratio down from 31:1 to 4.6:1 in the first Quarter till the end of March and a further anticipated fall for the remaining mining in April to 1.6:1 .Also it may mean that if the decision is made by management to mine further at Fortitude we will likely be looking at a similar strip ratio. Everything lining up for Matsa to mine Red Dog in the third Quarter as well and Red Dog should be a small but very profitable operation yielding around 25,000 oz. If Matsa can make a clean $400 to $500/oz at Red Dog then that will be another $10M to $12 rolling into their accounts.
Then Red October comes to mind ,a restart there may yield another 50,000 + ounces as well later either in the fourth Quarter of the year or early next year and again replenish the bank accounts . Further exploration of Matsa's Laverton ground may reveal even more ounces there for coming years. I can't see that holders will have anything to be unhappy about with this quarterly and it may even silence the occasional critics who appear on these threads