Ann: Shareholder Update, page-92

How hard did you actually look?

Did you miss the bit where M N Dastur determined that the minimum reasonable basis for eventually evaluating a Matmor CDP would be a 500,000 tonnes per year plant? And that the partners have accordingly decided to set a context for the TEF that allows for an eventual expansion of a future Matmor CDP to 1,000,000 tonne per year of crude steel? And that the layout accordingly provides for sufficient eventual Coldry capacity to feed that?

So the layout they will employ for the Coldry CDP plant and the Matmor Pilot plant will allow for possible expansion to those levels on the same footprint.

Have you taken a look at what the Arrowhead valuation looks like if scaled up to that possible future size?

What do you think that tells us about what the partners have in mind for the medium term future? Where they want this to go if the cards fall right? What they think of as the longer term future?

If all you could see in that Update was: "We're still doing the study" I think you need to sharpen up you research skills.

IMHO. GLTAH.