Ann: Funding Update - 3 Transactions being pursued by the Board, page-98

You might want to add on little things like
Royalty at 7.5% of the sale price
Ppn (vat) at 10% of contract figures quoted.
Dead rent
Ippkh annual fees - now on full Ippkh not on part in use
Csr costs.
Rehabilitation bonds


That's just getting Started.

Then little things like.
Barging costs about 25/t at Tuhup this is another 100km up river som add about 2c/t/km =$2.00 so $27/t plus vat
Barging demurrage which is high for that part of river.
Road haulage for small scale currently sitting at 14-15c/t/km. It's a bit hard to tell with what Cka discloses. I could scale it off plans but roughly it looks like a 70km road haul so $10.50 ( plus vat). In road haul alone

Transhipment costs higher than normal as many small barges - lots of maneuvering at vessel - long load times.

If it can be done for sub 90/t I would take a lot of convincing as to the reasonable basis of the cost estimates

Then the issue of washing. This is hinted at but not clearly disclosed so hard to asses. Loss and dilution can be controlled. The Tuhup experience produced a coal 1% above borehole medley ash at 98% recovery but that comes at a cost in terms of the small equipment , support laboratory and pit quality control. It's not free and not sustainable long term. A wash plant is needed there.

Again. Insufficient disclosed about Cka to figure out washing or not.

Then we get to the river itself. The proposed barges have a draft of 2.7m. Today the river some 200km below the proposed port has a depth less than 1m. This will not be an all year barging proposition regardless of clever barging solutions.

That brings us to logistics - supply. Little things like fuel and explosives need to go up the river an have the same issue as coal coming down. It translates to needing more storage on site than a similar sized mine elsewhere. This quite dramatically increases the working capital requirements and capex of the mine.

I can go on all day but if Cka would disclose the basis of their estimates then none of us would need to speculate. The lack of disclosure is the frustrating part. If all the work has been done to the level represented then why are there no Reserves reported and hence disclosure.