valuation, page-6

Yes the big differences are in the Cost of Finance, and Development (Most likely BH). Plus there is also a 5mm payment in there for Codelco.

Next quarter they have forecasted 27mm on development, which may make us cash flow negative.

The good news is that most would of found it hard to see us funding development out of cash flow this time last year. For BH to be funded without any or miniaml project finance has to be a big positive.

I would of liked to see a little more on the exploration side, however it was another solid quarter with production and C1 costs on target.