Ann: Great White Kaolin Project - Definitive Feasibility Study, page-192

Sure, I suspect not many of us were expecting the pre-tax NPV to drop from $736m to $613m, but in hindsight a 17% difference should not come as a shock. This morning the market cap was sitting at 74% of the PFS - a bit high but not unreasonable if one is optimistic about the project. Instead, today reality smacked us in the head. I did sell down to take further profits a couple of weeks ago, but it doesn't stop the hurt looking at the red ink today.

I haven't even read the DFS beyond the headline figures yet, but I can understand shareholders being disappointed that there was no hint from management of the significant downgrade in the headline economic metrics prior to today, not even in the recent presentation. That's the game. Those who want to lower risk wait for de-risking events such as the DFS to drop before investing and those of us that want to take on speculative risk have to cop the bad news along with the good news.