Ann: Presentation to Pilbara 2018 Conference, page-55

All companies when establishing pits will have 2-3 quaters of high strip costs, it's not exclusive to AJM or any specific company.

AJM should in theory have quickly diminishing costs due to them having built a more expensive plant as they have small crystal size they must use a more complicated process to produce 6% concentrate, so because of that initially on paper they should be recovering the maximum amount of concentrate.

So costs should drop to guidance by mid next year, other operations to fully commission all parts of that operation could take a similar time frame due to staged construction, although once fully constructed cash costs will be the lowest due to having the least complicated processing.

So it's alittle bit of give here alittle bit of give there everyone has different advantages at different stages, what needs to be focused on is not comparing apples and oranges, but AJM providing share holders with full disclosure.

What is the current construction status of the plant?
Are their further development costs coming or are they all paid?
When is first shipment?
What size will the shipment be?
What will the estimated costs be? will their be profit?
Confirm grade and impurity levels, show the market AJM has an amazing product.

If that information was delivered today in place of self praise in the presentation AJM could be flying right now.