Ann: Appendix 3B, page-38

Yes, certainly a few surprises in Magnis' BFS today.

Looks like they now have more fine flake 'fertilizer' than KNL This is a little disconcerting but based on the PFS released in Dec 2014 (table on basket price proportions) the difference in flake distribution is really just a 7% drop in medium flake which is now sub 150 micron. Today's BFS smooths this over by now classifying all -300 micron as high purity micronizing feed stock!!!

The increase in CAPEX is a massive jump but management seem extremely confident in being able to fill this with western off-takes; most likely the synthetic replacement variety....of course, these off-takes are absolutely essential to securing finance. No western off-takes, no finance, and its game over for Magnis.

Anyway, flake size was so 2015, its now all about flake purity.... hahahahahaha

To be honest, I think today's BFS actually lends further validation to KNL. I don't know if MNS's -300 micron purity is unique to the deposit itself or due to Frank H's innovative processing method. I would think more of the former but a bit of both. Today's BFS largely dismisses this flake size 'advantage' they were touting as having over others. I wonder if Christoff (however his name is spelt) could get in there and work on KNL's processing techniques in order to increase purity.

Anyway, KNL is still the sectors safe buy. I haven't forgotten about posting on the 'debt burden' etc. and will do so soon.

I hope finance comes through for you guys soon, you've proved your patience.