Ann: Shareholder Update-Newcastle Iron Recovery Project, page-18

Nitrox funny you should say that, I have spoken around and the investors are ready to pour in but they all been saying exactly the same thing and I mean EXACTLY, not in regards to share price falling or shortfall plan but that they will invest ONCE this management team is gone, it was made very clear to me what needs to be done for the success of this company, and further yet what scared me is most of them also said to utilise the maximum potential of the technologies we have a further $25 million in funding would be needed from the current position we are in.

I think there is a lot of explaining to do and I believe all salaries should be put on hold until the company has produced an up and running plant.

I think the redicicoulous salaries paid over the years, that have been paid for a job to be done that has not been done should mean that from from this point forward no further salary should be paid until they get the job done that they have been paid to do and not yet donne.

I think the sooner share holders realise this and get together under this idea is when we will actually see some real tangible progress...