Ann: Blue Bar Development Approved, page-14

Also, think of this re spot price and profit share.

They will only be getter 60% of profits (assuming there is a profit after reconciliation) and have to sell this portion of production into spot prices.

This forces CAI to deliver more of their 100% owned production into the hedge prices ie displacement of opportunity to realise maximum profit from their own material.

Once you factor this, and assuming they achieve a reconciled grade of 1.5g/t for Haoma ore (after appropriate dilution, ore loss and recovery) and the displacement of their 100% owned ore from benefiting from spot prices, the net result is almost nil benefit.

They do however take on substantial mining risk and up front capital costs to achieve this.

The only benefit I can see is that they use this new “opportunity” to validate and underpin a capital raise as a distraction from their current operations.

.Food for thought.