Risk on, page-36

Hi A as you have been visiting for a while I accept that you are genuine and not some blow in trader trying to down ramp.

Whilst bankers might, in their studies of all the negative outcomes, reduce the commodity prices and the plant throughput rates and leave all the costs the same thats not a real world situation

The beauty of an UG mine is that when prices drop you can raise the cut off grade and mine and process less ore at a higher grade with lower mining, processing, transport, shipping treatment and refining costs. When you own all the plant and infrastructure unencumbered you can't go wrong if you have the resources.

At the end of the day the circumstances will drive the final outcome.

Suffice it to say that if lenders with a low risk tolerance won't buy the story we will need to issue some convertible bonds and give away a bit of equity if they convert, sell some more royalties, get a prepayment facility or have a Capital Raising. Either way this is not a greenfield project that needs to raise several $100's of millions of dollars. It's a goer because there is $300m of assets sitting there owned unencumbered by existing shareholders ready for management to get the act together and get those hidden gem assets working for us..