Ann: A.G.M. Presentation , page-8

Todays AGM Notes

At the start of the meeting when there were asked any questions to the Auditors a disgruntled shareholder asked a few strong questions over governance. He seemed to have particular concerns over the TRF/IFE relationship, and was worried that IFE was exploring on behalf of TRF or that TRF was getting some sort of free ride. He also thought the JV should be re-negotated. He also asked about austerity measures (response: some staff cuts in SA, reduced exploration costs). and directly as to why directors hadnt taken a pay cut. Questions were asked about the directors actual share holdings, and Ian and Neil stated their holdings (matter of public record) and their AVG purchase prices. The shareholder stated that he holds more than all of them. Item was moved into Other Business and came back to later. I'm not sure that any of his questions where helpful, but its always good to ensure everything is above board and that the directors are held accountable.

There is $4M on hand, good for at least another year. Burn rate is around $250 per month. Possible R&D rebate next year (though not sure on amount).

They are looking to get shareholders capital growth and potential dividends - phew, lets hope they can!

DAC Report completed and with minister for signoff.

PEPR approved 15ht Oct. This will require a new bond to be placed, the request isnt yet through, and its hoped that since they now have a smaller mining footprint it will be smalled than the $5M previously held (and returned)

They are mindful of all the critical path activities, as listed in slides. Port will take 5 months for construction, need to consider lead times on purchases such as cranes. Mining will take 3 months.

They believe still more material that can be DSO at surface of 50-80M, but arent actively exploring too much to conserve cash, better to get underway and funds in first.

The gravity separation plant (Phase 2), can be used to extract the Manganese, solution is about efficiencies. IFE will have port and mechanics to use manganese as a value add, which should improve cash flow. Manganese is forecast to go up in price over next 2 years.

Quartlery will be out soon.

There was someone in the room from Burnvoir Corporate Finance.

Forty - there were no biscuits - part of an austerity drive, as Ian commented. I did check later and there was a very small amount of mini choc chip cookies.