Ann: Exploration Summary 2017, page-6

Max is someone who knows what he's doing. Read the Exploration Update. And nothing's been "proven".

Infill drilling's only as good as the interp and I don't see that yet. Ya don't rely on Cane Toad to put real geology into the model.

A 2MTPA mill is going to cost $120M-$200M (add another $20M or so for U/G capital development), perhaps more, depending on power, licensing and dams. Feeding that from a single decline on a complex orebody is a big ask. So a detailed first principles mine schedule with realistic productivities is the first thing I'm looking for here. Not some factored bollocks that the junior school is likely to come up with. Then ya gots ta pay back your capital at 7% or something, so a discount rate north of 12% will be required to drive the schedule.

20Mt at 1% isn't going to cut it. Needs more grade and first rate technical work. Have a look at my favourite comedy act over at CDU to see what happens when both are absent. Not to mention an el-cheapo, oversized mill.