Funding Progress Triggers Return to Pedra Branca, page-16

Implications from where I sit;

Finance in hand but taking time ( as suggested by directors at the AGM). As Kinzu states, you don't increase the spend without a high degree of confidence.

Banks aware that stage 1 will be required to fund the AVB portion of stage 2 development costs. Banks want in on stage 2 as well.

Stage 2 timelines unaffected and on track to have possible first production 2016 ( a little "told you so")

Minimum cash spend to get to decision to mine for stage 2. Might take a little longer but ensures maximum return to all shareholders.

As it has now started raining in Para state, there is no point in doing heavy earthworks for the next 8 weeks so taking this time to tidy up the finance paperwork will not affect stage 1 timelines any further. Mining equipment is sitting in Parauapebas, in AVB's secure warehouse, awaiting the commencement of build. Still expecting commissioning mid year and production in second half.

Nova Esperance, at least a satellite pit that will add nicely to reserves and get trucked into PB's stage 2 plant but NOT stage 3 yet, not ruled out yet either ..." the recent discovery at Nova Esperança (prospective Stage 3)..." . So at a minimum we have more copper, best case we have stage 3.