Ann: Pre-Feasibility Study Completed, page-116

@Just Magic

IMO this PFS has demonstrated the project in its current state to be sub-economic.

To start with the resource grade is pitiful.

The pfs highlights sub 10 meter intersections as the pick of the bunch with grades in the 3odd percent range. The cutoffs are hilarious. 1.29% for Namangale 1, I'm amazed. I've seen Copper projects with higher cutoffs.

The company has continually gone on about it's flake distribution which I have continually queried and the PFS clearly shows its not at the levels that have been made out IMO, the same goes with the quality of product.

IMO the company as its stands is capable of producing a mid 90's product which I have said before and the Chinese will buy it for $600 per tonne. That is the going rate which I've heard from a number of sources.

@Cashbacked

I'm amazed you are so endorsing of the PFS. It is no where near where you have said prior and published in your spreadsheets previously.

IMO its easy to draw comparison tables when you highlight numbers that are in your favor and when they're not you seem to basically claim the company you are comparing them to "puffed them up". IMO thats convenient justification.

I also think that's it highly likely that the Capex will increase in the BFS as it did in the comparative company.

I'm also surprised there was no discussion regarding the new mining laws given the capex exceeds $100 million.