That's right. Debt in and of itself is not bad but being so...

That's right. Debt in and of itself is not bad but being so leveraged is risky for a range of reasons and should be paid down a ways first. Something in the order of 1/3 market cap or there abouts would make me feel like I'm not going to get completely annihilated through some future raising. Then cobalt possibly, or based on a stable copper price I would like to see long term hedging and new debt to fund stage 2 to 64kT with cobalt tacked on (always cheaper to do all the projects at once).

Nikec, can I trouble you to repost your figures for 2017 at $2.50 and $2.70 copper? Thanks