Ann: Ceasing to be a substantial holder , page-26

"They are a joke Hoots, you'd be best to stop referencing them."

LOL - probaly not a good idea to call your 2nd largest shareholder a Joke.

They got a one on one 5 hour meeting when most punters here cant even get a returned phone call or an email - Remember these questtions were from the begining of May when PLV were in suspension and they had to to guess the S/P to write down the vlue of their holding - yes some have been answered but most havent - what about the answers to the financials on top of the 35 general questions.

11 June 2013

Questions to Pluton Resources Regarding Financial Statements

1. Note 14 to the Pluton Resources financial report for the period ended December 2012 refers to the net present value of the Cockatoo Island project being nil over 31
months in contrast to prior statements by the company referring to the project as having a positive valuation. When were directors first informed that earlier
statements about the value of the project could no longer be justified? What are the factors, and their respective orders of magnitude, explaining the difference in
valuation?

2. The notes to the accounts refer to Pluton Resources as having to pay $12.1 million to the joint venture received as prepayments and utilised to fund Pluton’s own
corporate activities. What were the corporate activities (unrelated to activities on Cockatoo Island) on which these funds were expended?

3. The company has made references to specific prepayments from Rizhao ($23 million), Hyundai ($17.2 million) and unspecified other parties ($6.3 million),
totalling $46.5 million. There is a reference on page 12 of the accounts to all prepayments received amounting to $61.8 million. Is the difference of $15.3 million attributable to a single deal or multiple agreements? Over what time period are the deliveries relating to this latter amount to occur? What are the pricing arrangements for the sales included in the $15.3 million?

4. Receipts of $190.4 million ($61.8 million plus $128.6 million) imply 1.587 million tonnes of product will be shipped (at a price of $120/tonne) under the arrangements
referred to in 3 above. The stated production costs of $123.66 million for this quantity imply unit operating costs of $77.94. How does this reconcile with stated
operating costs of $65/tonne falling to $55/tonne?

5. The description of the GRN debt facility implies that Pluton Resources will receive $24 million in exchange for 872,000 tonnes of iron ore implying an average price
received for product transferred to GRN of $27/tonne. Over what time period are the GRN shipments to be completed? Are there any other material details describing the financial arrangements under which GRN is to receive these
shipments?

6. Is the appointment of Mr Jaffe Lau to the board of directors of Pluton Resources a requirement of the funding agreement between the company and GRN?

7. Note 1 refers to receipts of $88.5 million over the 12 months ending May 2014.How many shipments does the budget include for the 12 months to May 2014? How many of these shipments are to repay the GRN loan? How many of the
shipments are at market prices? What is the value of prepayments received against these sales?

8. Are the references to both capital and operating costs on page 11 of the accounts to the joint venture or to the Pluton Resources share?

9. Page 21 of the presentation submitted to the ASX on 11 June refers to an offtake agreement with GNR with a pre payment of $24 million. Does this offtake agreement exist? What is the difference between this agreement and the GNR loan facility?

10. Page 21 of the presentation submitted to the ASX on 11 June refers to an offtake agreement with Hyundai Steel Company for 172,000 tonnes for which there is no
pre payment. Does this refer to the same sales agreement announced on 28 December 2012 and which was used to raise $17.2 million? If the prepayment no longer applies, when were the terms of the agreement altered?

hOOt