Ann: Sorby Hills Definitive Feasibility Study, page-233

Hah I always know anything I say will get a reply from you. I still don't quite understand why you are so bitter any time I post something and feel the need to battle it. All I did was state a fact, but for some reason you have to try argue it. Anyway, here you go:

-I don't disagree with you regarding going to multiple different mills. You would think they could have got that sorted in the last couple of years though.

-Regarding your long list about preferred schedules, blending, grades etc. You try to make it sound very complex but in reality BML would have nothing to do with that. All they do is transport their standard product to the process faciltiies in question and they handle all of that. It does'nt need to go immediately through the smelter- they just store it and blend it over time. Haha BML don't have to sit there with a bunch of product waiting for 6 months to quickly sprint a truck over to a "mill" because suddenly they are ready to blend. That is the whole point of an offtake - that mill agrees to buy a quantity of a standard product. Then they sort the rest once it arrives.

-I agree that some offtakes will be upfront, some with lower back ends etc. and that it affects finance. But we have been told we need offtakes before finance. So I am not sure what your point is here.

-Regarding "or they could bang it out to appease a few pissy traders". You are very emotional here again. Also, it would'nt be banging it out. They have been saying they have these offers for 2+ years. That is not "banging it out".

-Regarding "golf-clap for management for raising". Yes, in the situation that occured they raised at a higher value than we currently are and avoided diluting at these levels. However you are ignoring the fact that we were meant to have the DFS, Offtakes, Finance and FID all sorted >1 year ago and we could of completely avoided the current low share price. I stated all this a year ago and you said it was a "master-stroke" by management to have delayed the DFS until a lower inflationary environment and higher silver prices. I argued that we would likely be in a higher inflationary environment with lower commodity prices, which we are. We have been through this a few times already. Due to the way a basic investor discounts future cashflows, it is generally best to do things quickly. Delays very rarely work out as money is worth more today than it is 12 months into the future.

-You continue to insinuate I don't hold. To again put that to bed - I bought at multiples below the current shareprice and consider myselg to have a fairly healthy holding by todays standards.

FYI, they won't be dealing offtakes in "grams" to certain mills.