Ann: Appendix 3B-KOR.AX, page-5

Hi USC75, whats your current take on Wangs continued uptake of the stock with todays announcement? We have both been fairly critical of KOR in the recent past ( and for good reason considering all the things that never came to fruition) but we may have a different ball-game on our plate here with Wang continuing to shellout the $. Plus I liked the dropping of the clause requiring KOR to find an extra buyer for the magnesite by years end which was always going to be too big an ask I thought. So we are potentially now looking at an offtake with Chinese mills of 300,000 tpa if things go to plan. Not sure how the economics stack up at this reduced volume ( compared with the original 500,000 proposed). Think I recall KOR published a spreadsheet a while back of economics ( versus tonnage offtake). Need to revisit.