Ann: 2017 AGM presentation, page-17

Not really going to know until company reports specifics, I'm going to stick with around $500m. Depends also on how quick the market needs to ramp up supply, best time to be a supplier because companys now are at the beginning of the general commodities cycle. There could be a lot of agreements that also fund companys for future production rates/targets; for example they may push companys to increase their own figures. CAPEX increases in the initial stages but the commodities cycle helps with any early costing pressures. I haven't been very active with ARL lately because I believe they are at the forefront, I'm buying the fundamentals. Other stocks still need assistance. ARL will do ok!

There is also a lot of talk about AUZ lately. I do like AUZ, but I believe mgt. have not given their resource enough credit by going into early stage processing - silly move in my opinion.

Regards, NL.