Ann: Quarterly Activities Report, page-32

Ronzo
the SP is a function of two quarters of high costs. I assure you if they had costs in mid 20s over last 2 quarters it would be trading much higher The Tin price has pulled back to sub 30k so the sentiment has eased by the cash balances haven’t grown enough to reflect last 6 months of great AUD tin pricing. I am surprised it’s held up so we’ll post quarterly.

I am also surprised that costs where high as I was led to believe issues had been rectified and mine was going well

the cash backing provides a good floor but the last 6 months have been poor operationally

I have no intention of re- entering but clear value sits in the 30s , around 36-37 with current TIn price