My position is to look for an off ramp hopefully around 12c but I don’t see that inside 6 months. Until there is substantial production and money flowing into the account in volume MAYs credibility gap will persist. If Errol and Duncan can exert some influence over AP then things may improve over time, otherwise I see no prospect of a significant re rate unless of course AP can arrange a sale. In that case the 3 km seriously difficult drill is valid but I still don’t support it.
Ann: Alameda-3 Drilling Update, page-314
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