Ann: Activity Report for Quarter Ended 31 March 2018, page-19

Revenues in 2018 should be copper (about $200m), gold ($6m) and silver (0.8m) for a total of $206.8m. Costs on the basis of 22,000 tonnes should be about $110m (at an exchange rate of 0.76) at the mid-point forecast. A simple reduction ratio of the costs in the expert's report (which used production of 27,605 tonnes copper) suggests costs of $115m. So available cash flow would be $91.8-$96.8m before capex and exploration of $5m. The comment on payables was "this balance is expected to be more than halved in the upcoming year." At year end total liabilities were $82.4m and not all of this is required to be repaid this year. Management forecasts are conservative and I am pretty sure there will be a substantial cash balance by year-end.