********************* Un1qu3Nam3, You could be wrong about SBM....

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Un1qu3Nam3,

You could be wrong about SBM. Increasing depth creates transportation problems but transportation
problems can be overcome. Much will depend upon grade and an unpredictable gold price. Meanwhile
management is working to improve ore haulage and no doubt will continue to do so.

Have a look at page 16 of the Gwalia Site Presentation of July 2017. The current depth is 1640 metres
below surface. They are hitting ore at about 2200 mbs while the chart suggests that the Shear Zone is still open at twice the current depth. If grade and price hold up, SBM could be around for a while yet.

I like your comments about EVN. No doubt SBM is keeping an eye open for possible acquisitions but
will bide its time. Poor takeovers and mergers have ruined many a good company, mining and industrial. Meanwhile SBM is focused on what can be achieved at home.

E D.