NP Breakout, page-4

Interesting points:-
- they are still selling ore now
- if the mine is shuttered where is all this ore coming from? The Massive Secret Stockpiles of min 15KT to now 23KT!
- again a reference to directors(s) yet the ASX has been disclosed only 1 which is Belanger
- who are these other director(s)?
- laterite project again mentioned
- confirmation 200 employees "in other sectors of the company" meaning transport & shipping of stockpiles
- they need 4.50 NP yet no mention of the BRL drop from 3.07 Q2 2015 to 4.17 x 2 or the real current COP
- the cited "normal production cost" is contrary to Q1 & Q2 2015 audited figures of 4.49 & 4.72 and thereby deliberately falsely stated by the media
- CFO states "if the suspension takes place" & some 500 employees are still employed with 300 mining staff terminated
- no mention of the 200 staff for the stockpile transport being terminated in this report
- no mention of the US$11M VAT refund
- no mention of liquidation or full closure,
- the local pollies + CFO CEO want continued production, so pay up!

If they need a NP at 4.50 that means their COP must be around 3.50 now to cover US$32M capex $100M staff wages and interest etc
also the stockpile value and sales is kept secret.

US$2.5M for NP 10c move = similar to what he said in 2015 of US$10M for 30c BRL move

$4.50 yet NP is 4.20
BRL was 3.07 but now 3.55, being 16% lower now plus was 3.80-4.10 for a long time in Q3 Q4 Q1
clearly didnt need any cash or funding until BRL went lower in the last few weeks. Yet NP has recovered at the same time.

Looking positive yet again.