Ann: Quarterly Activities Report, page-21

Indeed - obviously the price of copper needs to be higher than it is now if costs are increasing and eating up the margin. Or - more importantly - the demand for Copper concentrate needs to stay up and other unprofitable copper producers need to cease production or switch off supply of copper concentrates. A good rise in the USD or a fall in the AUD would help. Freeing up people in the labour market would help. Reduction in fuel prices would help. A lot of things outside the control of management drive up costs.

The increasing corporate costs would actually be increasing costs of contracting, supervision of capital projects and all the studies required for the underground development to access the future orebodies at Jericho, all the permitting etc etc. That all takes time and requires people to do so the development for access to deeper ore at Eloise and bringing Jericho online is going to increase corporate costs. I see Pybar got the underground development contract, what are other peoples opinions about Pybar?

I think the market got a bit ahead of itself here, and thought they would be accessing high-grade ore immediately and harvesting cash instantaneously, mining isn't often like that, and a price rise in the commodity does not equal massive cash flows the next day. Maybe a bit of FOMO and day trading thematics and investor impatience, not to mention that the ASX has almost no exposure to pure Cu producers anymore so its a lot of fat guys trying to fit through a skinny door (lower number of shares on issue for A1M) when the copper prices went up.

Today is a bit of an over-reaction and I'll be sitting there with buy orders if people are silly enough to drive it down to the mid 30c.