Ann: Arrowsmith North Updated BFS, page-28

So just had a slim over the report and to me it's as bad as can be. Anyone that thinks there will be a retirement from this is off their rocker.

Capex up a huge amount as well as opex. Whilst contingency is good, experience with big projects is that surprises are always negative. The costs here will go up. The revenue will go down as we give favourable prices for loans.

Furthermore, any cash flow will be used for Muchea and central. It will be light years, I reckon at least 6 to 10, before any positive cash flow will go back to investors as dividends.

And for all the HC crazies that were blaming the epa for delays, you should apologise to the epa. There have been further discussions between the epa and vrx over the last few months.

This stock is a dead duck. Be lucky to get back to 20c in the near term.

Had nanagemrnt not mucked up their submissions, we would be well into production by now.

THANKS BRUCE

Carna from the sunny and glorious west coast of new Zealand who was enjoying his relaxing holiday until this bfs.

Imho & dyor