Financial Results

Gross Profit for the 12 months to 30 June 2009 of A$51.5 million and Net Profit after Tax of A$31.1 million achieved, equating to earnings per share of A$0.33 cents.

Earnings before interest , Tax, Depreciation and Amortisation (EBITDA) of $55.6 and EBIT of $$42.4 million.

Revenue from gold sales increased by 16% to A$109.9 million on the back of an increased average gold price received for the year of A$1,128/ounce (2008: A$872/ounce).

Group cash and bullion at year-end of A$45.3 million with a final dividend of 8 cents per share declared, resulting in a total dividend payout for the year of 14 cents per share.

September 2009 Quarter

Revenue for the quarter of A$20.73 million was generated from the sale of 18,849 ounces of gold at an average price received of A$1,100/ounce generating a gross cash margin of A$8.71 million and a net operating cash deficit after development and capital expenditure of A$3.81 million.

Cash and bullion of A$29.74 million at the end of September, consisted of cash of A$26.07 million and bullion of A$3.67 million and was after the payment on 30 September of the final dividend of 8 cents per share ($8.2 million). Total dividend paid for the 2009 financial year was 14 cents per share.

December 2009 Quarter

Revenue for the quarter of A$22.32 million was generated from the sale of 19,794 ounces of gold at an average price received of A$1,127/ounce generating a gross margin of A$9.3 million and a net operating cash deficit after development and all expenditure of A$3.5 million.

For the 6 months, revenue was A$43.05 million from the sale of 38,643 ounces of gold at an average delivered price of A$1,114 generating a gross cash margin of A$18.5 million and a net operating cash deficit after development and all capital expenditure of A$7.0 million.

Cash and bullion of A$22.11 million at the end of December, comprising of cash of A$18.53 million and bullion of A$3.58million.

March 2010 Quarter

Revenue for the quarter of A$23.80 million was generated from the sale of 19,712 ounces of gold at an average price received of A$1,207/ounce generating a gross cash margin of A$9.81 million and a net operating cash surplus after development and all capital expenditure of A$0.94 million.

For the nine months revenue was A$66.85 million from the sale of 58,356 ounces of gold at an average delivered price of A$1,146/ounce generating a gross cash margin of A$28.29 million and a net operating cash deficit after development and all capital expenditure of A$5.95 million.

Interim cash dividend of A$1.99 million (2 cents per share) paid on 31 March. In addition to the payment of the cash dividend, 77,708 new shares were issued under the Company’s Dividend Reinvestment Plan.

Cash and bullion of A$15.79 million at the end of March, comprising cash of A$12.65 million and bullion of A$3.14 million and was after the payment of the interim cash dividend.

June 2010 Quarter

Revenue for the June 2009 quarer of A$29.97 million was generated from the sale of 23,175 ounces of gold at an average price received of $1,293/ozs generating a gros  cash margin of A$12.89 million and a net operating cash surplus after development and all capitsal expenditure of A$5.57 million.

For the 12 months revenue was A$96.82 million from the sale of 81,530 ounces of gold at an average delivered price of A$1,187/ounce generating a gross cash margin of A$40.48 million and a net operating cash deficit after development and all capital expenditure of A$1.07 million.

Cash and bullion of A$19.47 million at the end of June, comprising cash of A$15.87 million and bullion of A$3.60 million.

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