Ann: Revised Kaiser Resource Est Improves Confidence and Grade, page-106

thinking same and it is frustrating. but I am confident there will be JV deal.

no matter how incompetent the BoDs and the MD are, the Chair is not suicidal, and he probably knows going solo will be destroy his investment.

SS will most likely produce attractive metrics and all JV suitors are waiting to see the outcome of this SS. These guys will then run their own assumptions to see what the metrics look in those scenarios and then make offers.

My call is we will see JV between July and Sep and it will be cash payment for around 80% ($150 - $200m) and ALK to keep around 20% but the JV partner to fund the development from there on.

my view.