Ann: Quarterly Cashflow Report-AVB.AX, page-57

while not official, it is pretty clear that PB studies were delayed due to the lower copper prices. Management decided to play safe just in case they run into any problems with AN construction. If they spent all the money and then faced a problem with AN, raising cash would be very hard in this market. There is a risk when you juggle too many things at once with limited funds.

Now that AN is ramping up, the funds can be used. Still having 20m USD left is a great result.

A staged trial is a good way to go as it means low capex to get a part of PB up and running. Self-funded is the way to go for now.

AN by itself can potentially get to 15k tonnes per year so if a 'starter' PB can make it around 25-30k total that would be great. It would be pretty fast to get up as well.


PB is only 50km from AN and if i remember correctly there is another deposit located just 25km of AN owned by Tessarema Resources. There are many JV opportunities.