Ann: Exceptionally Strong Scoping Study Findings, page-49

I don't know what to think APC was ment to be a small efficient operation, capex was ment to be half SO4 when you factor in production difference its now higher.

Operating costs same story SO4 are claiming $240 initial $180 long term, how can APC be so much higher it's the same god dam channel they are adjoining.

Either SO4 are fudging their numbers or APC have conducted a bodgy study, APC flow rates were much better aswell.

To be completely honest I don't understand what has happened here, but whatever it is it isn't good.

We bought low so we still did well, but still really disappointing if we got the scoping study that had been advertised in investor preso months ago, we would have seen those 20cents+ targets reached quickly no doubt.