I doubt it the margins on the Jumbo and large flake is pretty...

I doubt it the margins on the Jumbo and large flake is pretty good. I’d be happy selling that of as flake in the early years and if the PSG price rise massively there will room for more then.

Like most here I was hoping for a nice rise today but am not shocked at all that we didn’t. How many have been holding waiting for today, add to that those that bought knowing the news was coming insiders and others. There was always going to be lots of selling. The hope was there would be even more buying. Once the instos could see that the sell was winning why would they buy, perhaps they even sell into it more to scare the weak hands. Add to that the traders etc. Now this should not be repeated with the next few announcements. DC and crew have had plenty of time to line up their ducks. I’m sure it will not be long before the trigger is pulled on those.

So what have we got to keep us entertained over the next few weeks and hopefully not too many months.

1) BAM study
2) binding offtakes
3) meeting conditions of Australian government loan
4)FID
5) Detailed engineering designs and purchasing long lead items.
6) Starting mine construction
Throw increase mineral resource in there somewhere

There was nothing anyone we could do to speed up the PEPR process, but now the ball is well and truly in our managements hands.

By the way I imagine the conditions for the loan involved getting the PEPR, having binding offtakes and showing they have enough in the kitty to finish the thing. EGR had to also show they could be profitable with a pilot plant which I am fairly certain is not part of our conditions.