Ann: Positive Scoping Study Completed on Opuwo Cobalt Project, page-494

Nothing in the report is fatal in my opinion. The risk is higher than I expected though. Relying on scale to make this viable means capex will be much higher than I think anyone expected. There will be no small scale low capex start up option. This means finance risks are higher, and for something that lives or dies on the price of cobalt, I'm not confident that we'll have financers rushing to throw money at the project until the co. price stabilises at a higher price over a longer period. It's a risk appetite decision.