Very Low Volume, page-3

Hi Andy, Fitzi & all,
While the Sept Qtr report will be of some importance, the full ramp-up
ann which is likely to be price sensitive will be more important IMO
because not only will it signal the 384 ton/day throughput, it also
should have details of grade as the Aug & July updates had.

The new CEO is doing the right thing by giving monthly
updates until KRM has a few months of full production
under its belt.

Today's POG at $1407 AUD together with the recent depreciation of the Rupiah
will also help.

The key to the SP appreciation over the next few quarters will, IMO,
be how quickly those at the mine face can access the splay vein
thereby lifting the overall grade from 10 g/t to 14+.

The new 2.5 ton hoist has a capacity of lifting 500 ton/day
to the surface and the only remaining bottleneck neck now between
140K tpa and 200K tpa is a $2mil plant upgrade which, on the face of it,
should be a non-brainer. I assume that the plant upgrade can be done
without impeding the normal circuit.
Cheers
Moorookamick