quarterly activities report, page-3

The plant upgrade has only just been finalised and production will not be at optimal rates until August.

Because of the development costs the company was always going to make a loss for the quarter. This quarter still has development costs (1.4m) so earnings will be flat, but this is where it theoritically starts to turnaround.

The profit kicks in 2nd Quarter if the company acheives full or near full production.

If you are patient and copper remains high then accumulate. Higher production should reduce their costs for this FY.