5 Managing Director and CEO’s Report MD and CEO’ s Report Exploration Looking Ahead With the approvals of the Special Prospecting  Licence (“SPL”) applications in Thailand still  awaiting the Minister of Industry’s consent,  exploration attention over the past 12 months  has focused on new exploration opportunities  and Mineral Resource enhancement targets  within the Mining Leases. This exploration  formed part of a strategic exploration program  within the mining leases at Chatree that  commenced in late 2012. The program has  successfully defined several new areas of miner- alisation within the Mining Lease, most notably  at Q and A North Prospects, and has also  upgraded several larger areas of Inferred  Resources to the Measured and Indicated  Mineral Resource category.  Over the current financial year and beyond,  Kingsgate remains focused on optimising  production within an uncertain metal price  environment, continuing to build resources and reserves and advancing the development  project pipeline of Nueva Esperanza and  Bowdens. These initiatives are designed to grow earnings per share for the benefit of all  shareholders. In late September, Kingsgate’s Thai subsidiary,  Akara Resources Public Company Limited  (“Akara”) has submitted its listing application  and draft Prospectus to the Thai Securities  Exchange Commission (SEC) and the Stock  Exchange of Thailand (SET) for an initial public  offering of its shares on the SET. The SEC and SET will review the draft Prospectus  in the coming months in order to approve the  listing of Akara. The decision to list Akara will  depend on market conditions and other factors  at the time of approval. Group gold production for the full year to 30 June 2014 is expected to be in the range of 190,000 to 210,000 ounces. This includes  120,000 to 130,000 ounces from Chatree and  70,000 to 80,000 ounces from Challenger.