Ann: Quarterly Report and Appendix 5B , page-4

Just got back from the AGM.

Now I won't parrot PJ presentation because they will put up an audio file soon as they usually do.

I asked two questions that I thought was important and asked by yourselves.

The first was the equity raising, I asked whether the majority of this would come from the JSE. PJ said, that they will not necessarily do this and would be considering a global component. This would also encompass equity roadshows, no figure on the price was given because I guess it's still early stages.

On the rail front, the timeframe for building the rail would be the best part of 2 years, which is within the 2 year construction period of the mine. The design work is being completed at present.

In addition, PJ mentioned they need to procure the rail components offshore (apparently this takes up a bit of the time taken) and there is a tender process underway for it.

Anymore talk about a 10 rail building process will make any poster look like a numpty.

Overall, the presentation was great and a emphasis of the massive achievements to date, which I agree with totally.

Should be a good next couple of years for us.