Ann: Research Coverage Update, page-11

Agreed, should be trading well into 20c range or more on the SOP alone (3 bags behind KLL and 4 bags behind SO4 give or take), i think the fact that 15-20% of planned pumping needs for stage one already being tested on lake has been missed by the market. However even though APC capital needs are the lowest of all peers they are still significant. Expect SO4 management would counter that they have the experience, previous runs on the board in capital markets compared to APC plus London listing (already raising more cash than the entire cap of APC). After the recent discounted CR and options issue by APC was met with a degree of ambivalence its hard not to take that point.

My preference is APC gets cracking on both fronts to a more advanced stage, adding to the current management group, before any discussions are concluded.