Hi Degreener, I can't shed too much light on the met sample...

Hi Degreener,

I can't shed too much light on the met sample queries you have, especially the ones relating to older timeframes. However, if you are considering a decent sized investment, you'll find Andrew Spinks is on top of the geological/met type questions that you have, and I would highly recommend a chat with him.

With regards to your other queries:

1. You are right to query this, and I have specifically asked this of management many moons ago. The short answer is that the prices in the BFS are in line with the off-takes. While we aren't going to get any company release specifically answering your question, I will point out that in banking terms, we have buckley's chance of getting funding if we've done a dodgy price up in our BFS. (Hello, SYR anyone?). However, we have discussions with German's largest development bank, and have an in-principle debt guarantee from the German government. These would not be happening if our BFS wasn't accurate. Incidentally, our BFS basket price, if we use some of our competitors pricing for our basket, then our basket goes up dramatically. Our BFS has a pretty high level of rigor, and while you might get a bit of "rubbery figure" at scoping study stage, it's significantly less likely at BFS stage. I will also add that our off-takes have been done in conjunction with a lender, to ensure it meets their requirements. I can't remember the release, but this was noted in one of our releases around the time of the EGT off-take, or possibly one of the company presentations in the months afterwards. Management knew years ago where they would be, and they made sure the off-takes were suitable to lenders back in 2013, even though they knew they wouldn't be getting finance till 2015/6.

4. I don't recall a release back when we signed the EGT off-take about 5Kg samples. At the time, I was having many conversations with Andrew, and I know that the discussions with the EGT, including all the testing, the site visits, etc, took well over 12 months (I actually seem to remember Andrew saying that the total time from the very first time they met them, was closer to 2 years). The EGT went through everything with a fine tooth comb, and given the length of time they were involved, I highly doubt they did anything on a tiny one-off sample.

Hope that helps.