Ann: Grant of Jericho Mining Lease, page-20

A lovely set of numbers above.

The Eloise to Jericho connection is a very interesting one. The fact AC is talking about it so much indicates he is at the very least optimistic about the Swagman results in 4 weeks time. Also 6 holes there, not the original 4, and pictures of where the holes were done. Fair bit of emphasis on this, also very honest and upfront. Hopefully no eggy faces in 4 weeks!

And to move forward with the link perhaps the Queensland governments 'Copperstring' project could be a factor? With reliable and cheaper electricity readily available on Copperstring's completion perhaps a conveyer belt approach to the 3.6 km link would bring down the costs substantially?

So they are banking over $1m per week atm, cash building up nicely. Having restated again about debt not equity i wonder which parts of the development / new plant will be funded from cash flows and which from debt? Tax and accounting rules around depreciation and amortization of capital spend will make this potentially even more $$$ beneficial via cash flow spend. For example a Box cut via debt would need D&A over a number of years no matter how you did it. But a 'development drive' to Swagman / Jericho if funded by cash flows would be 100% D&A in the first year.

I'm thinking they might either delay the debt funding whilst they get all their plans lined up or simply reduce the size of it. OR simply fund the initial stages via cash flow and see how they go. This though does involve risk and markets do change as we know.

Lastly, the heavy focus on on Swagman indicates to me someone has been out there testing the recent Swagman core with a hand held XRF device. I'm guessing this is standard these days?