Activities Report for the quarter ended 31 March 2015

Production of 5,723 tonnes of copper cathode at a cash operating cost of $1.55/lb and an all-in sustaining cash cost2 of $1.73/lb
Full year 2015 production guidance of 25,000 tonnes of copper cathode and cash operating cost guidance of $1.30/lb – $1.40/lb remains unchanged
Balance sheet de-leveraging commenced with $12.5 million of Gerald Metals advance payment facility repaid, $7.4 million VAT refunds received, and a reduction in copper cathode inventories