Ann: Rocklands Ore Reserve Update, page-55

As I understand it, the mill was commissioned and started up in early 2016. The magnetite and cobalt processing circuits were not constructed and only Cu and Au have been processed as a result since that time. Therefore, CDU had to have known that their reserves quoted in late 2015 were false and have either been in denial or to scared of the reaction to notify the market so wait nearly 2.5 years after the facts were known to advise everyone.