Ann: Further Testwork to Enhance Opuwo Scoping Study, page-437

I agree with you 100% Maigrat1. I think many people are missing the point that it is not so much about the capex or opex on either project but about the impact to the IRR and NPV that the life of the project has. It has a very significant impact as you have pointed out. Perhaps some investors do not like the $500M in capex, but these projects that require a huge investment such as this mandate a life longer than 9-13 years – for financial reasons and for common sense reasons. I have seen few mining ops make such a large investment for such a short life. I am a bit surprised that COB submitted such numbers at this time and they perhaps should have waited until they can establish a greater resource/reserve which they undoubtedly will. I think they just wanted to push things forward a bit too fast. This is not to criticize COB. I think they will have a viable project and will make it look much more attractive to investors in the next round. Their PFS said it looks good enough to go to the next round – that is all, but it scared investors for some reason. I have nothing in COB. I do hold CLA for the LT. I see greater potential with this one. I do not want to get into the row over processing. Cobalt processing is not my area of expertise, But I do see the potential for lower capex and lower opex at CLA for reasons cited by many. Those, coupled with a LoM of say 20 years should yield a very attractive IRR and NPV. I fully expect a CLA SS to paint a pretty good-looking picture. Looking forward to it.