Ann: Company Update, page-47

Easy to lose sight of the big picture emerging here .Post royalty we have 2 freehold mines and processing plants with good LOM within a whisker of commencement .I couldn,t guess what the capital cost of getting to this stage would be except it being multiples of the MC and post covid only going to increase both in capital and time.This is a 5 year + hold for me as I don,t see future commodity supply being easily ramped up and the diversity appeals esp with the potential wildcards in Sb and Indium.

cheers van