Ann: Quarterly Activities and Cashflow Reports, page-4

I just read the quarterly report and there is more good news on the offtake deals. I concur with the report in that Qingdao Tianshengda being willing to extend the contract for two years shows great confidence in the product and is timely to know with the roadshow happening.

Take into account a low assumption or at least steady basket price assumed in the figures and now, for all intents and purposes, the stage one output either under contract or reliant on the mine starting, and the JORC, investors will have a strong confidence in a return for this mine.

I will be interested to know the location of the company who has entered a draft agreement for purchase pending stage 1 finance. The report doesn't state if stage 1 finance in this instance refers to $15 million, $30 million or the total $40 million, though.

One thing I would like clarified is that "exploration & evaluation" is continuing. I thought this should have all been completed in the stage 1 feasibility study. Can anyone shed light on this? I really don't want to disturb the company when they are on the sale trail this coming month.

I would imagine forward exploration & evaluation will be under the stage 1 ops budget moving forward (assuming funding going to plan) along with all stage 2 feasibility.

All things considered, we will keep moving on.