Re-rate trigger, page-73

During the 1st quarter, the Corporation hedged an additional 20,000 ounces of gold at an average price of $1,350
with settlements between July and December 2018 to secure the gold price on oxide gold production during
the ramp-up of the Sulfide Project.

I suspect this will be the 2nd qtr production from the oxide. Roughly equates to $12m profit + tax credit from sulphide plant expenditure which may add another $18m so they are looking at a Q2/2018 $30m attributable net profit.

To put this in context Elorado made a Q1 profit of $7m for Q1 on production of approx 55,000 ounces and tgats after stuffing around with 4 mines on the go.

Bring on the sulphide expansion and energise the plant...should be very soon.

Others will be watching closely