significance of the directors buying, page-39

amulet, What I mean by the Vale money is the balance, that is the larger amount, up to around $40m. Not the $1m due soon.

He wants the cash to procure equipment, lay on services, make roads etc. for Antas South. Current cash is only sufficient for the next 15 months or so, and it is earmarked for drilling.

If Vale do not pay up now the full amount, whatever it is, then they will in 12 months for sure. It is the DELAY that is the thing. He has said to me, and I cannot recall the exact words, he wants AS mining to be self-funded. There was a strong aversion to borrowing or dilution. No debt.

Plan B as you said.. well it could be the smelter throwing in a few dollars, this option was mentioned at the AGM I believe. They are very keen to get the high-quality ore. So if Vale does not pay up in a month or two, the smelter may fund mining it ... maybe.

All is not necessarily lost for 12 months. Tony is great at doing deals, and the smelter deal may be the saviour from left-field. To get things moving.

The interesting thing is funding the AN mine. There is a subject for discussion!!! THAT is Big dollars.