copper stock, page-52

Md, because there is still no clarity from the company's announcements as to:

when they expect the plant to be handed over for commissioning
how much the project will cost
what net cash flows they expect to receive for the components of the CuEq, such as the cobalt concentrate, the magnetite and the sulphur.

Almost every deadline and cost estimate previously announced have not been met. For instance, the crusher was supposed to be fully commissioned by December 23rd 2012. And on 3rd September 2012 the company assured the market that it was on schedule. In fact, it wasn't ready to start commissioning for over eleven months from that date - and still isn't fully commissioned. This is a very basic piece of mechanical equipment. Difficulties this early on don't bode well for when they get to commissioning the more complex aspects of ore extraction, IMO. The company has scheduled eight months for the plant commissioning.

Frequent talk about cash flows from NCu and DSO, but no firm timeline, volumes or price. Not needing any more shares to be issued on 10th September, to an $85m raising announced in October. 25 price sensitive announcements about drilling at Rocklands South, much trumpeting about Fairfield and Wilgar, but the JORC decreases in size by 1% and increases in CuEq grade from 1.70% to 1.86% (the 1.90% in the company's published announcement is a typo). Over half the increase in the grade is represented by magnetite.

The best idea is probably to go back and read the annual reports for the company for a few years to understand how the company has progressed. And, as it is critical to understanding the economics of the project, ascertaining how the CuEq works would be a good idea too.

Good luck.