Ann: Managing Director Resignation, page-90

In normal times u could possibly get more $s per tonne for a 50% plus grade available AlO but the thing that looks nasty is the silica content. Do keep in mind though that it could cost US$30 to US$40 per tonne to land it in China or similar. Actual profit over life of mine, especially when you take out all the other 'claims' on the profit (who owns what?) could be a lot skinny than you imagine.

If, you guess at 50% re-active and 50% non-reactive in the silica, the grades they are reporting this morning are on average 5% to 6% re-active silica. Re-active silica reduces the price obtained by on average, US$5 per percentage point per tonne. In other words the value starts dropping considerably. US$20 to 30 off what would have otherwise have been a premium price. Providing u can get it down to a rail head with surplus space (other parties will have scoped their rail for their deposits?) , down a narrow river that is apparently heavily congested (as told to me in person by Shannon Green) and then out to a ship for loading. (This is what I mean by isolated)

It also looks like the average depth of bauxite on these plateaus is 5m to 6m, so quite shallow (based on their report this morning). But hopefully consistent depths because otherwise it becomes problematic to mine.

Have they reported intervals for the cores at any stage? If so check them for consistency of grade, silica, and depth.

Lots of emotional superlatives used in their reporting. Will be interesting to see what reality looks like when they have a signed off JORC.

Do check other companies for comparative info. CAY put out a PFS within 4 weeks which would give some insight.

PS Some boards I trust, some I dont. I wish all retail holders good luck but for various reasons I think you will need it.