30 unc e r ta in ti e s a r e disc us s e d he r e in a n d c a n a l s o b e fou n d i n th e C omp a n ys A n n ua l I n for ma tio n F o r m ob ta in e d on SEDA R a t w ww s e da r c om A c tua l r e s ul ts a n d de v e l opm e n ts a r e l ik e l y to di ff e r a n d ma y dif f e r ma t e r ia l l y fr o m t hos e e xpr e s s e d or i mpl ie d b y the fo r wa r d l ook in g in f or ma t ion c on ta i n e d in this M D A Suc h s ta te me n ts a r e b a s e d on a n um b e r of a s s ump ti on s whic h ma y pr ov e to b e in c o r r e c t in c l udin g b u t n o t l imi te d to a s s umption s a b out the g e n e r a l b us in e s s a n d e c o n omic c on di tion s the a c c ura c y of the C om pa n ys min e r a l r e s e r v e s a n d min e r a l r e s our c e s e s tima t e s in c l udin g wi th r e s p e c t to s ize gr a d e a n d r e c ov e r a b il ity a n d the g e ol ogica l op e r a tio n a l a n d pr ic e a s s ump tio n s o n whic h th e s e a r e b a s e d the vol a til ity a n d l e ve l of th e p r ic e of gol d in c l udi n g tha t t he gol d p r ic e wi l l ge n e r a l l y r e ma i n wi thin a r e a s on a b l e r a n ge o f c u r r e n t l e v e l s th e a b il ity to a c hie v e c a pi ta l a n d o pe r a tin g c ost e s t ima t e s th e s ufficie n c y of c a s h r e s e r ve s a n d op e r a ti n g c a s h fl ow to ma in ta in a n d pot e n tia l l y e x pa n d gol d pr oduc ti on l e ve l s e xpl o r a ti on a n d d e ve l op me n t a c tivi t ie s c on tin u e d c o mpl ia n c e b y th e C om pa n y wi th th e t e r ms of the c r e dit f a c il ity the a va il a b il ity of a d diti on a l fi n a n c i n g o n a c c e pta b l e t e r ms if a n d a s r e q ui r e d a n d the c o n ti n ue d a va il a b il ity of a d e q ua t e s k il l e d ma n po we r a n d the r e t e n tio n of k e y pe r s on n e l Shoul d on e o r mo r e r isk s a n d unc e r ta i n ti e s ma t e r ia l ize or s hou l d a n y a s s umpti on s pr ov e in c o r r e c t the n a c tua l r e s ul ts c oul d va r y ma t e r ia l l y f r om thos e e x pr e s s e d or imp l i e d b y the f or wa r d l ook in g in fo r ma tio n R e a de r s a r e c a ution e d n o t t o pl a c e u n due r e l ia n c e on th is fo r wa r d l ook in g in f or ma ti on whic h s pe a k on l y a s of the d a te of this M DA o r a s of th e da te oth e r wi s e s p e c ifi c a l l y in dic a te d h e r e i n E xc e pt a s oth e r wi s e r e q uir e d b y l a w SAS disc l a ims a n y in te n ti on o r ob l iga ti on to u pda te o r r e vis e a n y fo r wa r d l ook i n g i n fo r m a tion whe the r a s a r e s ul t o f n e w i n fo r ma tio n fu tur e e ve n ts o r oth e r wi s e A DD I TIO NAL I NF OR M ATION A ddit io n a l in f or ma ti on r e l a tin g to SAS in c l udi n g i ts A IF is a va il a b l e u n d e r th e C o m pa n ys pr o fil e on SEDA R a t w ww s e da r c o m a n d o n th e C o mpa n y s we b s it e a t ww w s a s gol dmi n e s c om