ATM, page-91

This post got the blood up didn't it!

As far as I'm concerned it is quite a reasonable post, certainly not as optimistic as the bulk of posts but that does not make it bad.

It is true that the 5,000 ounce per month target for management is not a production limit and the mine could produce more but right now the first hurdle, 1000 ounces per month, hasn't been achieved. In the fireside chat, it was stated that the mine plan was yet to be finalised so neither OGX nor Hot Copper knows what the production build-up, steady state production or head grade will be.

As for the AISC, at the moment it's pick your number because we have no basis on which to do anything else. It's closely related to throughput and grade - see previous para. One thing I would say though Eshmun is that I think sustaining capital is included in AISC.

All of us would be happy with more bags but my analysis suggests something similar to the share price of Eshmun. To an extent that depends on the way the Cartesian chunk is treated. One would expect it to be reflected in the share price for the next two years.

I was interested in the comment about the Hot Copper share price premium. Is there evidence for this from OGX or other shares?