sounds positive, page-23

I cannot recall exactly what IF said he anticipated the costs to be for Stage 1 . . . but I recall there was a healthy margin.

But until they actually have an operation up and running, I would take all cost estimates with a large grain of salt. I am hoping that there will be at least a margin (e.g. profit) . . . full stop . . . . and that it will be this year or early next year. We have been waiting too long already.

There have been too many false starts and failures to become too fixated in "delivered costs" for a product from a mine that has not yet commenced.

I also find it disconcerting that at the TRF AGM the directors awarded themselves "performance rights" and announced a capital raising (Rights Issue) at the same time. Makes you wonder.