Ann: Q3 2017 - Quarterly Activities Report Presentation, page-6

The most important change visible in this latest Quarterly Report? Easy - that nothing important has changed! Things are on schedule (which is not good news for the shorters).

First Intermediate Concentrate was produced yesterday (within October, as promised)
First production of Bagged Product is still slated for second half of November - no change.
Forecast CY18 production of 160K - 180K tonnes lines up closely with what was given in the last Quarterly - and now has the higher status of "guidance".

Two other points on the production side were, first, that CY19 expected production is 250K - 300K tonnes, and, second, that production can be, and will be, tailored to meet demand. That's a big vote of confidence that marketing is steaming ahead, and that we can probably look for more sales announcements in the months ahead.

Initial shipments will include some "qualification" product, at reduced prices, or possibly even at no charge. But that will end in three months. There will be positive cash flow within the first half of 2018, and, with the forecast production rate, that should be substantial.

Lastly, the focus on BAM continues, and is accelerating, with the planned Qualification Plant now going to be larger. As Pedro pointed out, the Louisiana site is only 300 miles from the announced Mercedes-Benz operation - and is centrally placed to supply other manufacturers in the US.

Cheers