gross profit, page-149

You can't go over 100% without going into further debt. They would not be allowed to trade if they were insolvent, So either they have short term loan again to cover, so how much in debt.

The figures don't add up, until we see the Annual Report. hypothetically, and for discussion only

	Column 1	Column 2	Column 3
1	Amount	Value	Purpose
2	500,000		Cash at Bank
3	5,000,000		Inventory
4	63,000,000		Capital raised
5	-6,300,000		Loan repayment
6	-504,000	0.80%	Capital Raising Costs
7	-10,292,857		Minsheng Interest 11% @ .70 AUD
8		-800,000	Operating Costs per week (200 staff, $100 per hour, 40 hours)
9	-19,200,000	24	weeks since raising
10	-15,560,000		Ore Commissioning
11	-41,000,000		C4 Performance Verification
12			C5 Area Acceptance
13			C6 Commissioning Close Out
14			Don't commission Cobalt or Magnatite
15	-24,356,857		Left from Capital Raising
16	480,000		Tonnes of NCU shipped 100 NCU  @6000 AUD @80% 29/7
17	1,440,000		Tonnes of NCU shipped 300 NCU  @6000 AUD @80% 23/8
18			Tonnes of CU Concentrate ? At 25% minimum  @6000 AUD 23/8
19			Tonnes of NCU shipped ? NCU  @6000 AUD @80% Sept
20			Tonnes of CU Concentrate ? At 25% minimum  @6000 Sept
21	5,921,053		There is  4.5 Million US in the bank at .76Aud Estimate

Is there a saving by not commissioning Cobalt/Magnatite Circuits (Where they costed and built ? (I left at 0)

I read somewhere that there was about 200 people, so I was generous with hourly cost to cover overheads

They would have somewhere between -24 Million to 6 Million in the Bank.

at 300% they would be around the -24 Million in the Bank. Which would be that they would have short term loan that would be material to me .

At full capacity at 1% Copper it is 2500 CU tonnes per month.

I have allowed 24 weeks about 5 months, to blow out the cobwebs and get it to full production.

How much Copper do your think they shipped ?

At 6 Million in the bank I think they shipped about 3000 tonnes of copper.

I have made assumptions for educational and discussion purposes, I could be way of the mark, but you need to start somewhere.

I will not comment on this until the Annual Report is out and then will update.

I am not an adviser so don't buy or sell based on my or anyone elses comments it is of general nature to provide a point of discussion. Use the thing above your eyes and ears.

refer to the CUDECO Annual Report. When its out