whats the next share price driver?, page-18

mikedaly, getting into production with the surface ore has been a drawn out process and funding hasn't exactly been a piece of cake. However the recent capital raising was successful and the company are hopeful any remaining funds required can be achieved without further capital raisings. They definitely want to get the ore out the door before end of this year while prices remain so bouyant.

Stage one is 1-2 million tonnes per annum to generate cashflows which will 1) service any debt built up to get production happening and 2) complete further drilling.

As further drilling occurs and funds are available for any expansion of the mine, stage 2 will come online with a target of producing (from memory) 6-10 Mtpa. Note this is still not inclusive of Hurcules which is understood to be the 'sleeping giant' of IFE however to get into production is also more capital intensive. So, providing they get to stage 3, they should have ample funds to persue Hercules and also any further expansions required at Wilcherry.

To my knowledge that is their long-term growth path in terms of mine operations. Anyone else feel free to correct any errors i've made as i'm going from memory and haven't looked at the slides for a while. But as you can see, getting into production before the end of this year is vitally important and if the profits turn out as forecasted, the upside potential and long term growth profile is quite significant. The ball is in managements court at the moment and if i can round up some additional funds I think i'll buy some more at 0.75.

DYOR and GL to all :)