ann out, page-11

Todays announcement confirms what we already know in most respects ie. that the fundamentals very sound (low risk, high grade, low cost,high profit).

What it also confirms is what some have suspected in terms of possible strategies to monetise the resource by way of underground methods targeting both AN and AS. With the ore body THICKENING at depth, OPEN at depth and grades INCREASING at depth, the economics of this project will only get better.

AN and AS may not be as large as stage 2 Pedra Branca but given time I think she will prove to be able to punch well above her weight and the money spinner which provides the bridging finance into the larger stage 2 PB.

Hints were provided in a previous announcement about sharing of underground plant between PB and AN later in the project life (year 7) and the associated synergies. The sharing of resources between projects will become evident IMO as future staged mining projects come on line.

Thumbs up to management for the news flow.