Resolute to sell Ravenswood, page-45

Colin,

From Sept quarterly Syama sulphide ore

mined 88,563 (t)

milled 355,961 (t)

which may suggest that major portion came from stock piles? This is the lowest amount mined comparing to the previous 4 quarters that were as follows for FY2018:

Jun Quarter - mined 506,983 (t) milled 535,243 (t)

Mar Quarter - mined 395,306 (t) milled 514,210 (t)

Dec Quarter - mined 105,687 (t) milled 463,111 (t)

Sep Quarter - mined 202,228 (t) milled 454,939 (t) 

From June 2018 quarterly: 

"At the end of the June 2018 quarter total sulphide ore stockpiles at Syama were approximately 132,000oz (3.1 milliontonnes (Mt) at 1.3g/t)."

It seems to me they were scraping the bottom of the barrel using outstanding low grade ore stockpiles.

In my opinion we don't have December data yet to jump to any meaningful conclusions. We don't know how much was mined and what grade. Even then, I am not sure December quarter will give us much better understanding. We probably need to see March and even June quarterly to start understanding how successful or not successful is this underground mine.

Please check the numbers for yourselves in the quarterly reports as frankly I don't even know the difference between sulphide and oxide, Just trying to make sense out of these reports in a best way I can.

"This is only in my opinion, not offered or to be taken as financial advice, DYOR"