Ann: Mitsubishi Funding & MoU Update , page-20

TPCS,

Thank you for your post, I must admit I beg to differ.

At the AGM the Board said 3 Mths being Mid Feb.

The last two announcements have showed clear progress.
• Mitisubishi after a visit in late Dec has progressed the funding agreement to “detail legal and commercial documentation” Imagine the size of the Mitisubishi legal team who have experience with multimillion dollar deals.
• CNQ has “ significantly advanced discussions with separate supportive debt funding groups” to “detail commercial document stage”
• Mitisubishi have advanced CNQ $1.0 Million Dollars at say $0.135 per share.
• CNQ is dealing with Mitisubishi not some tin pot company and due diligence has continued and extended period of time with key Mitisubishi technical people visiting site late Dec. I cannot see Mitisubishi walking away. Japanese do not accept failure.
• I am confident the Mitisubishi Lawyers would be approving all CNQ announcements including the Executive summary page 2 of the activity report and HOPEFULLLY a fully funded project announcement could be expected from this update.
• Mitisubishi are slow very methodical and would be hands on with the plant Design & Construction and will not accept failure.
• Note we only got the Government approvals in December.
• The forecasted March Qtr cash flow reflects a confidence in the funding agreements being signed.
• Mitisubishi are an incredibly large multi national with an A1 reputation and they have spent over 12 Months dealing with a small cap like CNQ. Clearly they need a Guaranteed supply of Tungsten and they are prepared to invest $$ to secure supply.
• Imagine if BHP was negotiating with CNQ. Mitisubish is not much smaller and they are currently funding Iron ore projects in W.A.

The small $$ trades sending the CNQ price down 5% is very frustrating WHY?

Yes I am frustrated but I see a light.

Please DYOR.