New look at Antenna-Xupe, page-24

Sertao and Antenna could potentially dwarf any production to come out of Cascavel, being high grade open pit mines on existing mining leases, and close to an existing mine. Good grades from these two prospects could be enough for Anglo to make a decision on a revised JV and fund it 50/50 while continuing to explore the remaining tenements on a similar share basis. The ultra low capex and all in costs will be too compelling imo.