black swan equities research note, page-3

G. Agree. But in reality we have passed that phase of development and now more of a grind higher is likely. Seems we will complete a major de-risking milestone by end 2013 (brine flow and trenching) and success here might trigger a re-rate.

The continual separation in the minds of users of our sulphate product from chlorides should see a widening premium for sulphates. It is amazing how chlorides are included in most mixed fertilisers and people accept that without question - despite the fact that plants don't ever "like" chlorides - merely tolerate them - at best. And chlorides accumulate in soils - especially in drier country. My point is that a significant sp kicker for RWD could come from the best place of all - the marketplace for potassium fertilisers.