perspective, page-11

My concern is dates have slipped again, costs come up to $94.4/t, more cap raising next year to fund working capital and DSO production halved. All the DFS did was add time and $$s. I do not see anymore clarity in this report/announcement than what we have previously been given. There are still many fluffy areas which could bite the project.

The bottom line is getting worse. If you take 1Mtpa and a IO price of $135/t and let's just increase the operating costs by a simple 10% (which is not out of the question, just consider the effect of the price of oil on mining and transport) there is not much left to go round.

I am also concerned about the mining strip ration of 5:1 to target the DSO production. 2.50 seems awfully light on.