sellers beware, page-23

I've held since 40 cents.

In my view, AGS still have some obstacles to overcome before B4M can go into production. They must obtain:
- regulatory agreements to conduct field leach trial;
- successful results of the field leach trial;
- decision to mine;
- agreement to use Berverley U mine plant to process ISL solution;
- permission to lay 8 km of pipeline;
- start-up capital (A$20-25 million). Much larger if they don't get access to the existing infrastructure.

All of these have associated risk which is not insignificant.

Price has fallen since November when 300,000 shares were sold by a Director at around $1.70. I guess we can see further falls before the trend reverses.