Momentum building up, page-7

ORE does not provide the appropriate transparency in these inter relationships they have with their partners.

The US$15.7mil LOC working capital on behalf of the Olaroz JV, caught me off guard, maybe I missed it being revealed earlier that this would be a requirement.

The project is carrying debt of around US$245mil and another US$35mil of deferred tax liabilities, then we have Borax which at this stage appears to be marginal operation at best.

I think upside is limited until later in the year. Not totally convinced that long term supporting trend line that currently sits at 2.52 is going to hold and that the SP could well fall to 2.37/2.38.