Okay I have spent what time I had on the weekend going over the...

Okay I have spent what time I had on the weekend going over the results you posted vs my own as discussed and I still have a very different conclusion to your self.

Firstly I will admit my calculation for BAR opex / lb was wrong as they are accounting for total metal produced and not just their primary before credits like CLQ/ARL. Below I have copied my workings to explain my Opex / lb figure.

	Column 1
0	Per lb Metal Produced (1280+1660)
1
2
3	USD Opex /t x Throughput
4	$32.25 x 1,500,00 = $48,375,000.00
5	Opex / Metal Produced (2940)
6	48,375,000.00 / 2940 = $16,454.08
7	Per Tonne / 2204
8	$16,454.08 /2204
9
10	$ 7.47/lb metal produced

Secondly your Capex for ARL is very wrong as you are basing your Capex per tonne on creating a second new plant to increase throughput were as they will only be required to expand the existing plant as stated in the PFS.

Based on this and if we work off an absolute maximum increase per 0.5mpta of the difference between the 1mtpa and 1.5mtpa capex we conclude the increase would be $110,430,000.00 usd / 0.5mpta throughput. Again this would be the maximum as not all parts will need to be upgraded.

110,430,000 x 2.5 + 449,000,000 (1mtpa Capex) = $725,075,000 usd (2.25mtpa Capex)

As stated previously I would be confident to state ARL's 2.25mtpa C1 Cost / lb = >$5.00 usd, this will bring ARL in line with most global producers.

In the end each to their own though I do think it is a little foolish to post such a chart when many of the figures are vague assumptions or incorrect to begin with.

We all only have a max of 4 months and we can compare everything including all credits for the 3 majors.