independent valuation of luapula plant, page-189

@MyDisco2 ..."Also, are you sure the $10m is not the total including the buyin $5.5m - not extra.?"

Yes I am. For example Mr Connelly does not mention the JV deal with the $US5.5M buy in at all.

Then there is the detail of $US5.5M plus $US1.2M plus the $US2.3M all separate amounts mentioned in different announcements add up to $US9M which is $A12.67M by itself. It is more than the $A10M planned to be raised.

So yes I take the numbers in the Independent Experts report to be as real as shareholders are likely to get, you need another $US10M on top of the $US5.5M and the $US1.2M mentioned in the July 23 announcement.

I notice you didn't mention the $US to $A difference, but you should as it is important.

I called the plant broken, because it needs fixing, repair, refurbishment etc. You can call it whatever you want, but without capital spent on it, it can't just be turned on to produce cobalt and copper hydroxide. In it's current state I can't see anyone prepared to accept the plant as collateral on upfront payments, which was the context of which I wrote the 'broken' comment.