Ann: Company Presentation, page-13

As much as I don't like the discount (given the apparent good future for ORE, I would have thought that they could have charged a premium rather than offered a discount), we need to accept that the market has been expecting a CR.

The $40m buffer should give confidence that another CR will not happen (until the hydroxide plant comes along). One might speculate that management is learning that it is not necessarily straight forward getting the plant from design drawings to nameplate production. I could imagine that there will be further 'improvements' and capital expense items required before we get to nameplate.

A greater unhappiness for me is the nearly 20% dilution I have just experienced. I am less worried about the immediate effect on the price - it will recover, and probably recover more than if there had not been a CR, given the boost in confidence that it now should give.

However, I think the positives outweigh the negatives. We are close to breakeven, there won't be another CR and there is now a date when nameplate is expected, at which point ORE should be yielding vast amounts of cash.