Hi EveryoneBack of the envelop numbers. Use at your own risk. At...

Hi Everyone

Back of the envelop numbers. Use at your own risk. At the end of the day it all comes down to what do you think the price of spod will be. AKE just sold last quarter 5.3% for US$4,297/t.

At those sort of numbers short term CXO could be around $1.10 - $1.35. Some uplift from current price.

Spod of $6k plus needed to see us above $1.50 any time soon. Will it, can it go that high? I think we will have a good understanding of spod pricing during this quarter.

You need to tip the hat to those that sold out at $1.80. We need to get to full run rate to see that price again. The opportunity is there for the company to turn things around.

Short term, if Rio or someone gives a TO of about $1.50, I was say take it and run. If they don't do it soon, different story.

Just remember from junior to established producer = higher risk to lower risk. Understand the risk that you are taking and the percentage of money allocation towards it. It is well known where my big money is.