brr announcement what did it contain folks, page-36

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I would suggest that you can add time delay's of up to 2 years so I dont expect the really big earning to materialise for several years yet.

The majority of the earning's are also in Filipina Grande which still has too be drilled out sucessfully, BFS done,capital raised, mine built and finally we get to production. It is still a long long way to go.

I would expect Armenia to still be in production before Filipina Grande.

In the meantine project 3000 will produce around 12,000 tons of copper, the company has already indicated that this will most likey be expanded to around 16,000 tons mid next year. Their is also the other small copper project worth 2000 tons a year awaiting government approval, expected sometime this year.

In summary for the next 18 months the max copper production will be 12,000 tons with the potential to climb to 18,000 tons after that if all goes well.

The copper price is looking very strong so I would expect a margin of at least $2 a pound which gives minimun earnings around 52M EBITDA. If costs can get down to $1.30 a pound and copper goes over $4.00 then min earning's could get close to 70M EBITDA

That is still a great return and will provide lots of funds for drilling and expansion but it all takes time.

This company has good near term earning's are huge long term potential. However in the current market potential is being ignored so all the company can do is produce more copper, increase resources through drilling and wait for market sentiment to change and start pricing in some of the huge potential.

Investors also have to be patient