12 wks out and no word, page-5

Plenty of doom and gloom ST. So what's next:

- start "trial mining" for key customers (read steel mills) over the next 3-6 months
- Steel mills provide feedback confirmation that HCC product is superior to that available elsewhere
- BRL board negotiate terms based on this feedback to supply greater quantity
- Negotiation will include exclusive supply clause on basis that some type of financial arrangement is entered into
- Late CY14 HCC benchmark prices move back above $155/t as market starts to look ahead as sentiment improves

Everything is a cycle...no industry can sustain itself for long on a negative EBITA.