Ann: Quarterly Report to 31 December 2016, page-12

Hard to see where any money is going to be coming from for most of this year, apart from the usual beggars bowl contribution through Pershing.

IMO, their only possible near term production hope was through Silver Swan, which hardly rates a mention in this quarterly and has the appearance of being kicked into touch. The Tsingshan SS off take agreement ran out at the end of December and nothing mentioned about that either in the report.When I start reading statements from them of considering possibilities of starting up the BS plant along with SS, then I start to blur over and presume there is probably no current tangible plan.

I can't recall the refurbishing costs of BS but seem to think it was higher than LJ, perhaps in the $17 mill vicinity....Zeb? So if that's anywhere in their thought process re SS, then forget that for this year, IMO.

Kidman are still a long way from working out any plans for mining, so I'd say the Option will be dragged out to probably August. Apparently POS get their first "landlord" payment three months after that, which does seem generous on Kidman's behalf, considering it will take 6 months to get the plant up to speed, not to mention all the trials when they first start loading ore into the plant. It could actually be 9 months to a year after the Option is taken up before Kidman actually pull in any sort of cashflow from production.

Appears to be very generous of KDR to made those payments while not in production.