Ann: Shareholder Update, page-99

Numbers about the Mass Energy Balance, throughput requirements and site layouts are just "numbers in the air" but numbers about concrete near term funding are real. Really ????

There are laws of physics governing the top down planning of a plant, just as there are laws of finance governing the funding of it.

Thanks for your suggestion on where I should direct my "dulled research skills" - I welcome your expertise in these matters.

In my humble opinion the straws in the wind are telling those who wish to listen which way the wind is blowing. For understandable reasons the company doesn't share every detail of it plans with us, whether concerning construction or finance. The way I read the tea leaves this is going the right way. Our Indian partners are clearly both cashed up and motivated. It also appears we are going to be cashed up if things work out well with the options conversion (albeit there is a current controversy about the means in some people's mind).

I will always remember that the company gave me a chance to reaquire my expired ESIO position.

I think that not very far down the track ECTL will be worth multiples of the Arrowhead valuation.

I choose to disregard the current retracement and SP manipulation as I see them as ephemeral.

You may, of course, see it differently.

GLTAH.