Hartleys Research Report - 12 month target 5.6c, 2021 for 11c, page-13

Some other points I noticed in the report:

• Origin capital is "seemingly" progressing well with funding solutions ( agrees with perception given at rising resource stars ). Hartleys would have a bit of a better idea given the time they would have spent with BAT management at site visits.
• They given an estimated April-May timeframe for further announcements
• Currently there are no expat workers at the camp site ( it is the wet season currently and may also suggests a winding back of spending whilst they wait for funding to be resolved, resource updates and grade control drilling were completed last year )
• They used pricing of USD $806 to $996 / tonne ( versus average basket USD $1063 in current presentations ).

@oxytorous - it makes sense to shift debt to 2020. The first 6 months is final design and procurement activities and these would probably be funded from a bucket of money raised from equity. This will delay draw-down of debt as long as possible to minimise the interest bill. Incidentally, Hartleys have indicated likely yearly capex spend ( 2019 @ $30M, 2020 @ 33M, 2021 @ $6M with 2022 and 2023 being for Montepuez Stage 2).

Hartley's note that SYR are achieving 80% fines. This could be a consequence of there being no grade-control drilling for their reserve. In the BAT Reserve update the following distribution has been determined ( and this would be based on the 50m x 12.5m grade-control drilling ).

https://www.asx.com.au/asxpdf/20181204/pdf/440xs34zx753tm.pdf