Ann: Rockland Copper Project - Financing Update , page-9

re: Ann: Rockland Copper Project - Financing ... $105m just about locked away. Big tick there.

From here, I see the following timeline :

Xmas 2013 - first draw down from loan

Xmas 2014 - final drawdown with $105m basically fully spent over the year.

jan 2015 to mid 2015 - CDU will need about $15m per month to run the operation. That ought to be covered from production being ramped up in that timeline.

Mid 2015 to mid 2016 - an additional $10m per month will be needed to repay the loan and interest over that 12 months as per the loan agreement. So $25m per month free cashflow will be needed in that 12 months.

Therefore the 18 months to mid 2016 will need to generate close to $400m free cashflow to cover all outgoings.

After mid 2016 a cash buffer can be built as the loans will be repaid

Late 2016 ought to then be the first expectation of any dividend.

The pressure point from now on will be keeping the project to the planned timeline. any slippage will impact on the ability to meet the loan repayment terms and may trigger the need for another cap raising to repay the loan.

Watch both the project timelines and any cost increases over time. any increased timelines will naturally increase cash needed.

There you go. Dividends possible by late 2016 as long as the timelines are met and cost controlled.

Easy eh?