Ann: Quarterly Activities and Cashflow Report , page-7

I too was pleasantly surprised by the activities and cashflow statement .... I guess keeping a $2.4m expense overestimate a secret will do that.

Can't reconcile why they'll only be at 140koz in October (with ball mill working, pit optimised and stockpile in reserve) but think they'll be at 200koz in December - what is holding back this production level between now and then?

Nevertheless, if you believe the 200koz from December onwards, I don't think they will need to do the full 25% dilution to make ends meet (depends on the issue price of course). I'm sure they will still do the 25%, but may not have it all underwritten.

Also, are we to believe that Magna (which could call in its $3m on 31/12 and put CCU into administration) is apparently not going to do this and instead:

- will subscribe for enough shares to pay out its own loan;
- do so on the same terms as other shareholders (none of whom have CCU over a barrel); and
- underwrite some or all of the issue for free?

If this is the case, the Magna CEO/Chairman is either Father Xmas or really silly.

Encouraging, but I'll need to see the fine print of the cap raise before jumping back on the bandwagon.

GLTA.