DAVY VIEW

We think the news of new debt facilities to replace the existing debt is positive news. The new package is more suitable for a normal corporate business, in that it is more flexible, has extended maturity and meets the coverage required at a time of important investment for the group. Moreover, the debt package was provided by a group of seasoned resource lenders following a period of extensive due diligence. As such, its provision can be a source of comfort to existing and prospective shareholders.