Ann: Merger Presentation, page-240

There is always a possibility it could tank. What is the guarantee it will go up?

Won't take people long to realize there is actually a long way before we get back to where we were few months back?

1. Implementation of Merger (5 mnths)
2. Implementaion Study (?? mnths)
3. Updated DFS (??? mnhts)
4. EPA for merged entity/ Integrated production (??? Months) -- The reason they are doing an integration study is to work out the best option/combination to use both ore bodies and/or to increase the annual production to reduce payback time. If they are going to mine both ore bodies and/or require a bigger plant, I don't see why they won't need to apply for another EPA.

DYOR