Ann: Triple C Research Report, page-9

I have discussed your concerns with management .Firstly they have no intention of releasing
more shares in the market as they will export manganese concentrate as soon as they get the
permit which is in the process and is their first priority. Secondly there is no limit as to the
amount of ore to be exported. Thirdly there is no problem with the supply as there is ample
supply in Indonesia and which GMC can get at a cheaper cost than the market because
the suppliers cannot export it so they will line themselves to GMC to buy their ore. Fourthly
the cost of power may be higher than in China but the quality of the manganese ore that they
are foing to process is considered to be one of the highest in the world and so the cost of
production will be much lower than their market peers and the cashflow from the export of
manganese concentrate will fill the gap if needed.