Scoping Study & Capex - Sulphides vs Laterites, Why CLA is so well positioned, page-33

Good post Denny. some comments

1. I'm absoluitely not a minning engineer but from my own research IMO I think your guess of around 50 mill USD for first 1MTPA plant and then 50 mill for each 1 mill more volume after that is fair. I'd say more (as in my valuation) I'd go roughly 100 mill USD for first 1 mill plant and then USD50 mill for each additional 1 mill throughput size added thereafter.

And bear in mind each 1 mill more tons throughput should produce (at current prices Co Cu )prices approx 100 mill USD gross profit EACH YEAR!!. So I dont see a huge difficulty in getting/taking on the finance to make the plant bigger -if all stays as is.

2. As for your fear that Co prices "may drop suddenly and much sooner than people expect" -I struggle to see it myself. I know prices of anythying fall much faster than they rise and sometimes for strange or most irrational reasons-so its always possible and must be considered - but if total world production is 120mill tons PA now -and expected world demmand from EV etc is heading to 300-400 mill tons PA by 2025-2030 as most forecaster say (admitedly most forecasters are also usually wrong) I just cant see how the world is gonna get anywhwere near to trippling Co production/recycling by then. Plus I written my own theory on time to market of any new technology to zap Co price.

3. For the autoclave argument IMO I just cant rationally see the need for them when from the flotation and leaching results done so far they are getting almost 90% (by -as far as I can see-almost as simple a process as sticking the crushed ore in a warm bathtub of acid and stirring it with a stick) - should not at first warrant the huge expenditure on autoclaves to get what? -5% more? IMO its a ghoul of Vectors imagination ( I dont mean to be rude Vector you make very good points and are clearly knowledgeable in this field-more than me ) but IMO while autoclaves will increase extraction efficiency I feel they are not neccesary and un-economic at this stage . Maybe later in the process when CLA is rolling in cash.

Another last and most interesting point for me is Cryptics manganese comments- frankly thats news to me- and very good news if true and a point ive been disregarding in my own potential valuations - but Cryptic where did you get the info/stats about the manganese in Opuwo drill holes -I must have missed it. Please identify the ann.

Anyway all will be revealed soon in the SS.

Meanwhile ANS like you I hope JORC is out tomorrow - this wait is getting a bit long in the tooth. If its any compensation I'm sure BB is as or more frustrated than we all are