Ann: Pedra Branca JORC Resource Upgrade, page-45

Paul12,

I think with AN producing at the time, we'll see more share value sooner when it comes to PB then we will see with AN. I forget how I worked out 2019 at the time. I think it included 12 months for engineering design and 18 months build. With runs on the board, we may get PB to production sooner but I personally like to be more conservative.

What could come from left field? Who knows? Maybe nothing this time.

I did ask the question privately at the AGM. I didn't get an answer. That's understandable. But I personally take that as I may have been close. Others more optimistic will argue 2017 or 2018. That's fine too.

Then there's that little cloud of uncertainty hanging around the funding for PB. I'll be glad when the PB funding is fact.

Yes, I know, some right now will be saying "One step at a time, Awoonga"