Ann: Andrade Copper - Updated Resource Estimate & Scoping Study, page-9

There are a lot of long term investors in this stock, who are tired and most are underwater. The new management, having kicked out the previous expensive bunch have done a great job of rescuing this company. If you read some of the back releases, the phosphate resource base is much larger than that currently in the models, but it comes from hard rock. There are also plenty of other soft and hard rock options that the company already has licenses over. Once this first part has been mined out ( I would suggest a little faster than they suggest, it will require some additional CAPEX, BUT this will come from free cash flows or debt not equity raises. This merely shows that the value of the Phosphate is much larger than that released. It also again highlights the short comings of NPV models that, in my view, under value back end cash flows due to the discounting nature of the maths. NPV's should only be taken as indicative or as a base representing numbers on the spreadsheet, not its true long term value. The copper is really not included in its current market cap at all. DYOR.