Ann: Sixth Shipment of HMC Completed at Coburn Project, page-14

Always concerned about the very high performance parameter improvements since 2010 into the 2020 DFS. Not saying they are not based on accurate processing and recovery improvements over the last decade, jut that running any mine at very high rates and almost perfect production/recovery assumptions comes with risk.

It's really very simple in the end... annual production tonnes x grade x recovery x commodity prices equals the Coburns revenue, less opex which has inflated since DFS 2020 no doubt and you get free-cashflow and value of Coburn the deposit. How long can they run on negligible free cashflow before debt repayments become an issue, and analysts redo their numbers on lower production metrics?

I'm a SFX holder, so it's in my interests to see Coburn fail, not that I think it will or that I wish it. I've just popped in to comment on how poorly mine performance has been for so long. No reason to expect issues won;t be finally ironed out and something close to steady-state design reached.

GLTAH