Ann: 2012 AGM presentation to shareholders , page-31

hi mtl999,

if you're talking about the EPA there is nothing we can do, we have to let it run its course, the mayala tried to get the pollies in canberra to speed it up and they got turned down, given its their island what hope have we got?

fear not the main game is Cockatoo for now, tony mentioned 1 ship/month we pay our bills, 2 ships/month we make good money & 3 ships/month we make a motsa! 2 ships is march 2013 and 3 ships is sept 2013.. although brett mentioned they would try get 3 out earlier.. at 3 ships our cut should be around $7.5million/month, not bad for a market cap of $48million today..

i'm trying to remember what else was said at the pub afterwards, ummm im certain tony mentioned that the whole ss&t v timeone(WEG) has been resolved amicably (happy to stand corrected if others there heard that) and timeone just paid back the money that was loaned to them..

also hyundai steel were the guys taking the cockatoo ore from cliffs and they are aware of pluton taking over mining operations on cockatoo you would have to assume they will want some kind of continuity of supply given they need the high quality ore for their products and WEG dont care where the cockatoo ore ends up as long as get good $$$ for it..

as for the underground, re: hydrology MGX are mining alot deeper than what Cockatoo is at present and they are having no issues with water but i defer to the experts on this for further explanation (tony), its the same ore body underneath as Cockatoo and runs under the sea connecting all 3 islands..

the ladies representing WEG are heading to cockatoo for a look see, i think she mentioned she wanted to go to irvine as well but i did tell her she has more chance of landing on the moon as the mayala wont let them!

again great to meet the other lads, all were in good spirits as most of us realised how close we were to deaths door as i asked tony to run through events in chronological order from june 28th 2012 onwards.. also how we all actually got into this stock!

hef you know i will always nibble at these prices no takeover just yet from SuperTim i'd need to discuss that with humble and his dentist first oh and buddy134 too from all reports.. SAS you can ask the ladies for an embrace next time hopefully elly wang makes it down himself, the word is he runs the port of rizhao largest IO port in the world and is well connected.. he'd be straight to the Mahogany room at Crown me thinks.. gottsy i know you loved melbourne even if she feels like brisbane today.. HUMID! IanP i cant tell you enough how lucky the swannies were in pinching that flag from us.. pelm we all thought you were coming for the free beer!

more to come if and when my mind regurgitates the activities and comments at young and jacksons... the beer was flowing and it was 40C!