Ann: APPOINTMENT OF FLOTATION SCOPING STUDY PARTNER, page-5

Well Mace, you've got this wrong on both accounts IMO

The "easy one" first. I don't personally know @WhatsTheTip but we do hold a number of common stocks and his/her commentary is second to none. Don't confuse experience and knowledge with position.

I would draw your attention to
"IMO Atlantic would have been wise to present two payback calculations & IRR calculations". That is absolutely spot on. What A11 did, with the addition of the Modular DMS units is not only increase the Capex (to increase annual production) but that also changed when certain Capex is spent and more importantly when first revenue is achieved.

"Second is not as easy" - Certain aspects of finance are immutable - and one of those is how Payback period is determined. I gave Neil Herbert a pretty big serve regarding his comment and I'll repeat it



I know the first thing I did was search on "payback" (because we were expecting an increase in Capex) and was unhappy with what I found. My MISTAKE was not reading the whole damn thing and understanding the change.

Now A11 (Keith Muller) addressed this quite clearly in the Webinar explaining the DFS (I bought more at sub $0.50 too once I understood it properly ... maybe I bought yours?). The payback clock starts as soon as the concentrate from modular DMS units produce ore that is sold. And it really is a simple as that. Two calculations laying out the impact of the change (similiar to the waterfall chart to show how/where/why the Capex increased) to Payback period would have removed any confusion.

Still everyone has their opinion.