Ann: Quarterly Report March 2018, page-12

Hi jogo

The fall in the SP is surprising me too. I really doubt there are leaks about Alacran... fwiw.. I have been buying in recent days in the expectation Alacran is a positive surprise. Although Promontorio disappointed it's worth remembering that Kennecott did confirm a CU porphyry with ok grades ... it was just too deep to be economic. AZS went hunting at Alacran and found enough to interest Teck.... Teck has already announced they are continuing next year .... so I am thinking there is something they like about the early drilling.