Funding Progress Triggers Return to Pedra Branca, page-21

Well a lot of people have been clamouring for an update in progress even if no progress has been made so we should be happy.

You will notice that they are now saying commissioning for stage 1 is targeted for Q4 2015. Good luck with that, as construction for stage 1 has the rather woolly commencement date of "early 2015". I'm sure we can all spend the next 6 months arguing over when "early 2015" ends and "mid 2015" begins. It is my belief there will be no mining before 2016. Given that the financing may only happen by end Q1, nothing may happen until Q2. Once again, AVB management's own timelines are blown out of the water.

I suppose the fact that they're going to start drilling again is a good thing, but I suspect it's so that they have something to do rather than sit around twiddling thumbs waiting for finance. I am also going to make a prediction of the I-would-rather-be-wrong type: that the financing will be dilutive in some way. To me that's what the second "highlight" is setting us up for (the "long term copper focus" one). I wonder if the final financing will be of the form "you get the money for stage 1 if you cut us in on stage 2"

Sorry everyone but I'm not impressed by this ann at all. This is a classic "what they say vs what they really mean" ann, right up there with the " we got the trial mining licence but we won't be doing any mining" ann that triggered the fall from 10c all those years ago.