Patersons Research note, page-37

@Names little

a left field event is a bit contradictory to me... if we EXPECT it, how is it left field? also, this management has proven to be extremely tight lipped about every major development.... so I doubt there is anyone out there except the board who must be aware of the possibility of a left field event in the near future... we will only know about it after a TH or an early morning pre-trading ann.....

In the current Ni environment a project like Kagera would be worthless imo... it would make no sense to sell it out - what can we get out of it? Peanuts...

better to keep it and IF Ni does a recovery soon, it could get us some pocket money (if at all)... I will be surprised if any unexpected news would be anything to do with Kagera... and if the management does get a buyer, I will be surprised if we get anything substantial out of it... that deal would be a nominal cash payment and the sweetener would be a royalty if that ever progresses into a mine (chances of that happening in the next 5 years = 0% imo)... if all our graphite plans go as per planned, in 5 years time we should be a very strong junior mining company and that royalty payment would mean very little (Again, if it reaches a commercial mine status in 5 years)...

if our management can pass this project on to someone who is ready to pay a couple of million $ upfront would be a real surprise to me... that would be a real left event... at this stage a couple of million $ is a major shot in the arm... I will take that any day to progress THIS current mine over a POSSIBLE Ni mine @ Kagera however fancy a Ni operation sounds on paper...

These are just my uninformed opinions on the Kagera project and I have frankly not followed the Ni prospects in any details in the last 2.5 years to say the obvious... I have almost forgotten how good or bad or average the Kagera project is...