Aircore drilling gold SBM, page-7

I think you might be getting ahead of yourself and being a tad unrealistic here.. Not that I dont like what your saying, because I do.

BUT.......

You cant really extrapolate out on an aircore program and say that because we have excellent ground, we should have some hits by now and those hits can be percieved to be a deposit, and a big deposit at that, and now SBM will put a round figure of 750 million on it and think that that is cheap, and takeover our pie for $250 million. (Because that is essentially whats happening when one company takes over another company, the buyer is saying the target is cheap) this sounds patronizing - i dont mean it that way..

I share your enthusiasm but it would have to be a f@rken good aircore program.

So it might take a few years to get there. The point for me is it just grinds away in the background and doesnt affect our bottom line.

The gold is not priced into APC at all anyway. (The potash isnt really priced in!) So on gold front we just have to hope that SBM find enough joy to continue the process. And some deposits get found on sulphide ladden biff rock chip or a sniff of arsenopyrite. The tiniest spec of gold can lead to a monster deposit. Especially in this part of the world. But initial aircore requires more closely spaced aircore follow up, R.C follow up, more expensive diamond targeting etc etc etc.... this is a process. There is a way to go before we get to 250 mill.. But Im sure having gone that far 300 million is probably a more reasonable rounded figure to run with the NSR the excellent mgmt team at APC will have already negotiated in their heads. Sniffology pending ..

On another note I was interested to see Kalium lakes get the 100 mill in funding from the Germans... Thats right...... its fully feasible in the eyes of of the banks and our transport costs will be a lot less than theirs..

Not saying Kalium is not a great project, just for the love of god how much longer can this price differential oocur. We are 20% of their mkt cap.

At some point if we keep ticking boxes this is going to go bananas.