Hi Blue FoxApologies in advance as this mainly relates to your...

Hi Blue Fox

Apologies in advance as this mainly relates to your comments about SO4 rather than KLL directly, but I thought a post here was more likely to catch your attention. Completely understand if you'd rather respond on the SO4 board, although your response (hopefully) might be of interest to others on here too.

I'll state upfront that I hold both SO4 and KLL, as well as Trigg and Reward, and am always keen to improve understanding of the relative merits of each one.

I don't really want to get dragged into your debate with TimothyTimma18 about the trench performance, but can I just clarify two things, to help me decide whether or not to switch some SO4 cash into KLL:

Firstly - what is your comment "your lake has low porosity" based on?

Is it just your interpretation of a photo or two, or something else? The reason for asking is that the BFSs for SO4 and KLL state very similar drainable porosity %s, so, all else being equal, if SO4's porosity is "low", then so too is KLL's (from what I can see at least).

Secondly - where has your capex for SO4 of $400m come from?

None of their announcements refer to that number, the last presentation still clearly indicating c$260m. I'll admit that they ended up raising more money than I first expected, but there's no indication in their numbers / releases of an "extra $170m" being required, and if there had been that much of a blow-out I doubt that the placing to plug the gap would have happened at such a modest discount to the prevailing share price. Having checked the accounts, the "extra" cash (beyond the materially unchanged capex requirement) raised in the last couple of years is largely accounted for in terms of exploration. evaluation and corporate expenses etc, with no evidence of any material extra being required for capex (there was a $10m increase in budget recently). On reflection, my surprise at the amount raised recently betrays my poor analysis rather than any changes at SO4.

So if you're right and the $260m is actually $400m, SO4 seems to be setting itself up for a class action lawsuit from its shareholders...

Cheers

Slimbo