Ann: Investor Update, page-16

I generally agree with your caveat that if a company 'can't produce the metal from its mill in a saleable product/byproduct/credit in concentrate then don't report it.' But equally I find it one useful means for back of the envelop projections when comparing projects. A project stands or falls on its main resource. I usually treat by-product credits as no more than a potential bonus at least until the infill drilling is complete and bench work tests have given some indication of future recoveries. And I am always mindful that management have to prove their conduct (both technically and ethically) beyond reproach. Any odd ball behaviour and I am gone. There are too many other stocks available to waste time and money on dud management. I mostly hold at least until the first production numbers are released. So I seek out management that has a proven track record of doing the right thing. I also would never consider certain combinations of elements as credible by-product credits i.e. au with Li.

Bottom line, crappy management can easily ruin a good and valuable asset and ethically minded management can make a success out of an otherwise ordinary asset even in difficult circumstances. IMO Dr Alistair Cowden is a great example of the latter.

Broosta