I think you will find that the impact is not as material as the...

I think you will find that the impact is not as material as the aggressive commodity prices!.

Regardless, FX is notoriously hard to forecast - if I could get this right, then we would be having this discussion on my own private island!

The economic viability of the coproducts/byproducts is also open to discussion - the magnetite (EHM has stopped producing a magnetite concentrate) and the cobalt-pyrite concentrate.

As an aside, the Pyhäsalmi mine in Finland produces a pyrite concentrate, believe this is sold to consumers in Europe and China. Not sure if they (FQM)make any $ on the pyrite conc, but probably better to sell than discard into the tailings dam.

Regardless, I will run the numbers and make my own decision, and it will be interesting to see what the new JORC statement looks like.