call to arms, page-23

Hi BRETTO, my sense of humour usually gets me into trouble, so thanks for laughing!

Just looking at the way the price has fallen certainly makes it look attractive - compared to a month ago. But I've never taken any notice of charts, and if CDU has to raise money at this stage the dilution could be significant, so I'm still holding off. While the SP was over $3.50/$4 the DFS didn't really matter too much, but now we are down here with M&G looking like they are still selling then the DFS, updated, becomes much more relevant.

I'm afraid more pretty photos, references to unspecifiable amounts of high Cu ores which should have been picked up by RC drilling if they were there in any quantity, and the fact that a low SP is the driver for making commercial decisions will keep me out for the time being. The announcement has been thrown together in a sloppy fashion, contradicting itself as to whether they will sell the NCu, or if they will have enough to sell anyway. Until they've put it through the crusher, they can't tell, I suppose.

Good luck - it's a fascinating story.