Ann: Quarterly Activities Report and Quarterly Cashflow Report, page-4

Thanks eshmun.

I did look at SMC last year on your initial mention. Nothing in their presentations really jumps out at me. Not having a geological background I struggle to compare the quality of companies with resources in the ground. I like to see some feasibility and development numbers and SMC appear to be lacking there. CMM lacking too but at least the technical parameters to define the production and capital cost are known and the DFS is only 3 months away.

Has SMC made any move toward scoping or PFS ? They would appear to have the scale to support a mining operation assuming conversion of inferred to indicated resources. Looks fairly remote though. CMM has a high likelihood of using grid power (70km from Newman, and I think closer to grid connection) which really helps when processing such high tonnages.

The corporate stuff with SMC is a big turn off for me. I don't want to be stuck in a stock that trades so rarely. If I was stuck I'd want to see some derisking timeline which would indicate when closer to full value could be realised (ie PFS, DFS, financing dates etc). I like to be a bit nimble and trade around a core holding. At the end of 2015 I sold out of at a loss of a few illiquid names (such as IAU) that I'd been caught in over the previous few years. I consolidated that money and put into CDV at sub 15 cents primarily. It was a good lesson in the use of idle capital for new opportunities and doing more due-diligence.