Ann: Activities and Cash Flow Report ended 31 Dec, page-4

re: Ann: Activities and Cash Flow Report ende... My understanding (from memory and without going back and reading past announcements) was the Pure Metals are managing the JV as they are funding it and will fund the next $5m of JV costs from the time of the agreement. Therefore Pure Metals is paying all costs and CAP does not need to contribute but will do so once the $5m has been invested into the project. As a result, there would be no cashflow of CAP to report.

The current JV costs being incurred and I assume paid for by Pure Metals include the existing water bore drilling that is currently going on and an updated feasability study assuming 10 mtpa instead of 20 mtpa.

I'm expecting the new NPV to look healthy given there have been savings identified in processing and smaller start up costs - but will need to wait and see.

But before then, hope to see more positive news and project de-risking from the water bore drilling and testing currently underway.