Gus, I agree. There's good and bad points. My concern is that...

Gus,

I agree. There's good and bad points. My concern is that some may think that AN is the holy grail.
It's not for two reasons,

1. It's cost a lot of dilution for us shareholders.
2. Using AN to fund PB was an idea when copper was over $3.00 a Lb

While copper prices remain low, AN is more of a burden than a support when it comes to financing PB.
I'm thinking now from a finance point of view.

My reasons are that we have committed nearly half of the cost of PB on AN when AN is 1/4 the size of PB.

Now in uncertain times that probably makes sense. However, we have gone down the "AN finance PB" path based on a copper price much higher than it is today.

The copper price is more important today than it ever was. Those who think that the copper price is important next year or the next are missing the crucial point that our futures rest on PB not AN.

Come next year the clock effectively starts again. Swap AN for PB.