Ann: Citronen Project and Financing Update, page-61

I was going to post that Glencore will be laughing all the way to the bank but you beat me to it. Project capital development costs have rocketed and not built in to the DCF model. Although zinc is up the bar to start up the project is much higher. Pay back period will outlive me. ie I will be fcking dead by the time this gets up. So I bailed for small profit but at huge opportunity cost lost. IBG needs $4m per year just to keep the lights on excluding interest payments. Currently >$2m in the bank so CR coming next qtr. at 1.5c at a rough guess - highly dilutionary. Glencore and other instos may not come to the party then move in for the kill. Glencore good at that.

So its up sht creek without a paddle. I am out after x years. Good luck to the young ones hanging on. Maybe better opportunities out there with the capital you have left in this. This might delist like LVT. Delisting is the latest fad. Read Alan Kohler in last week-ends' Eureka Report. Needs restructure - new capital. You will witness the new backers running over the dead bodies like mine lying over the barbed wire fence. In meantime will slowly bleed to death. Imagine writing 'it will take a year or two'. Obviously despite the spin all is not well - looks like the septic tanks were not impressed. The ann is not fully telling the truth about the current position in my opinion. Very vague - leaving us all with our conspiracy theories trying to read between the lines.