Ann: Woodlawn Funding and Valuation Update, page-41

Agree - Bill has signed an ok deal with Trafigura and not giving away the farm/upside to them, the terms of the deal are fair and the entire market sh*^*#g the bed today is sort of irrelevant to DVP finally getting the Woodlawn project on the way back into production. Trafigura were obviously keen for a deal as they have lost a bunch of copper/zinc/lead concentrate supply over the past year or two. I'm still a little surprised that MAC didn't have a look at this though.

As for this part of the deal:

"The structure of the offtake arrangement also gives Develop the flexibility to allocate up to 20% of all concentrate volumes produced to a third party if they were to own a minority interest in Woodlawn and wanted their share of concentrates."

Is anyone else thinking this is a bit of an invitation/hint for possibly some Japanese/South Korean investment options? Or maybe some Chinese copper smelters as these terms may possibly be acceptable to get past FIRB at the moment? Just trying to think who wants access to concentrate.