In my opinion the only reason for thelong delay in CTP...

In my opinion the only reason for thelong delay in CTP development has been NST trying to acquire TAM’s equity share.I expect NST have finally given up on this endeavour, so the discussions TAMannounced in February may now be more focused around working together andmaximising output (and perhaps APACR gold off-take). The toll treatment ofPRX’s (APACR 12.3%) surrounding 1 million oz and NST’s Western resource of 500koz would probably be included in this planning. It is likely NST & TAM would be able to achieve a strong additional income stream from PRX, as realistically at this stage it has no other alternative to commercialise its deposits.

In my view, the most likely outcome is a much larger plant, possibly around 300k ozpa, which is realistic given there is a total 4.5 million oz ‘combined’ resource all within trucking distance of the CTP plant. If this is the outcome, it would certainly be bullish for all 3 stocks.