Ann: Clean TeQ Sunrise Project - Modification 6 Approval, page-32

"Today’s announcement allows for the reasonable speculation, previously considered unreasonable and impossible and a flight of fantasy by Sallywoofs, that Clean Teq will achieve production at Sunrise by year-end 2019, or early 2020."

That speculation is absurd Sally. I certainly laughed out loud. Say FID is taken end CY2018. My estimate is a 30 month construction period, 24 if all stars align. Split the difference and first ore in April 2021. You say end 2019 is possible. No, not even remotely possible. It's good to speculate, if only to define the boundary between optimistic reality and stabbing in the dark.

With regards to the announcement, perhaps the larger camp is required for two reasons. Firstly, as they say, to accommodate personnel for routine, but long duration maintenance - autoclaves and acid plant come to mind. Secondly, perhaps the operating personnel complement for the PFS was grossly understated and the DFS has redefined this requirement to be materially higher than what was allowed for in the PFS?

Maybe the increase should not be construed as a "fast track" construction approach that many on this forum have argued. The insinuation by one poster that this is in preparation for a 'cathode plant' is drawing an infinitely long bow from a pretty benign announcemnt.

Nervous time to be holding in my view. DFS will dictate the short to medium term direction and in my view, the repeated delay in completing the DFS is not a good sign. With the price movement in nickel and cobalt, I'm guessing operating cost is not going to be disappointing. So there is only implementation schedule and capital cost left to consider (simplistically). I reckon capital cost, in comparison to the PFS number, could be rather average. Will that spook the market? Probably, but only time will tell.

Good luck to holders. Squeaky bum time.