Ann: Macy Scoping Study Update, page-340

For this stock it comes down to a simple question really.

"Do you believe in management?"

If yes then we are in early Q4 and should expect first shipping in the next fortnight

If yes then we should expect to see any further capital requirements come from mining profits

If yes then we should expect at today's zinc prices to see $10-15m LOM EBITDA

If yes then we are likely to see a further asset acquired before the EOY, possibly tin

If yes then further mine-able deposits will be progressed within the next 12 months.

What reason have they given to date not to believe them?