Ann: Quarterly Activities Report, page-36

I said excluding loans or equity not investing. I'm fully aware that you can't build a concentrator for free but I'm also fully aware that the split between operating and investing costs are a judgement call. Anything that goes into investing doesn't get included in the AISC, I'll leave you to decide which pot management (any, not WMC) prefer to apply costs to. This is the reason I always take the P&L and AISC with a pinch of salt, I read everything as a whole to try and get a better picture of how things are.

I'm just explaining what I look at before investing and at the minute risk is just far too great vs the opportunity and I wouldn't be surprised of another equity raise. If they can turn this thing around, an entry price at 90c would be brilliant, but you can say the same for other companies that have underperformed and are full of promises.