Ann: Quarterly Reports - March 2016-GXY.AX, page-27

Nothing to shout down on there.

The admin costs I wouldn't be concerned about, provided income starts flowing.

For Sal De Vida they might as well do a HKSE listing to maintain 100% ownership, though Anthony has been clear that he doesn't want dilution and they are looking at a 70 - 80% ownership JV.

The original plan was to bring in $260 million from a HKSE listing. There is a lot of benefits to this namely just buying a converter outright and maximising income with money left for JB & SDV.

The demo project SDV sounds promising and has a potential to bring in $4 million+ p/a (low ball estimate) depending on the grade produced. At least then they are not focusing on building alone.

I am becoming more cautious of the wording used in these announcements.