Communication, page-2

An official commutation tomorrow would say nothing different than has been expressed before, you know its "all progressing to expectations".

You shouldn't be surprised about the weak SP in rising market. Tin is at a multi-year low despite inventories not being as bad as it has in the last few years. The failure to raise all the money they wanted and to have to commit extended works to further improve the DFS (which doesn't look good as it implies stakeholders want more before committing) are all dampeners. Should the company come good on debt and off-take funding than we should be in good stead but until then don't expect to be rewarded for being in the stock.

In the short term, the biggest outlier for the tin market has been the opening up of Myanmar as it spurred a large increase in production which has offset any Indonesian supply management. In the long term, the progressive shut-down of existing supply doesn't appear to have changed so the prospects for the company are solid. Not an investment for the short term focused who have no appetite for risk.