Ann: Kasiya Pre-Feasibility Study Results, page-10

If you're looking for an African rutile play that is closer to production with a long term LOM, established govt relationships, long established operations and a significantly cheaper share price, you couldn't go wrong with Sierra Leone's (SRX) Sembehun deposit IMO. Similar life and volumes DFS/FID pending shortly, I would say the capex would be lower.

Good luck to SVM, will keep watching, I think the general honesty of this update is good to see, albeit the devils in the detail, capital likely on the money, rutile recovery is too high, there's a lot of soft costs and an 8% discount rate is too low although having RIO as a big brother is fabulous to keep kicking the can along.

I wonder how RIO is going in Richards Bay? The RSA situation would be making them nervous I'd say and as such the need for SVM. Alas this is no RBM.

GLTASH.