Conference Question For Timbogold, Pos & Co, page-49

GV also said that it would be too aggressive to expect BTA's and FID within six months (i.e. by end 2017). Cash burn will last until 'front part of 2019'.

There's a critical 6 month window of opportunity here (first half of 2018) in which this will either be a success or a fail (notwithstanding a CR at very reduced share price, or a BTA out of the blue).

What I can't quite get my head around is this: in an industry that has always been dominated by long term contracts i.e. approx. 20 years, why is the decision of potential buyers being influenced so heavily by current (short term) macro events? Surely a long-term view should have prevailed by now (particularly with supply glut forecast to end 2022-2025?). What is really stopping off-takers from signing BTA's.

Also, I wouldn't get too excited by GV having just had a meeting with potential clients. I'd be disappointed and surprised if he isn't having these discussions regularly.

I'm still a believer but I feel now, more than ever, that time is of the essence!

Fd