Ann: Opuwo Project Update and Board Changes, page-588

The main driver is and always has been the Co price. When Co was trading at $80k a tonne the fact 70% of Opuwo revenue came from Cobalt was a nice point of difference. When Co is trading at $35k/t it's a project killer.

When Cobalt was $80k/t CLA had a CuEq grade project of something like 2-2.1%. When you have this kind of grade it makes thin seams and UG possible.

At Co price of $35k/t CLA have a CuEq grade of 1.20% for the project. To mine UG at those grades you would be wanting seams that are like 20m thick, not 4m.

At the end of the day there have been some f* ups by management in my opinion, no point sugar coating that. However the price action for this project has largely been driven by Co price. If you want to invest/trade plays that are massively leveraged to commodity prices you live and die by the sword.

Many have died by it on CLA but they should take responsibility for that themselves. I have never been the biggest PG fan, but I do believe he has always believed his own commentary and it wasn't designed to hurt people. Just look at the fact he is down more than 99% of the posters on these threads.