Ann: Binding Offtake Agreement Signed for Fungoni Project, page-20

Manila, I lean to Peppie on this one. I really liked David Harley. I think he was a good man and an ethical manager. He ran the company on the smell of an oily rag too which helped keep control of dilution so he does get ticks from me. But, and there has to be a but here, our challenges of the last few years really come about due to our failure to get Coburn up when the sands prices were last flying in the early 2010s. That project could or maybe should have been producing for 5 years by now but the opportunity slipped by.

It's old history now but David was unable to get a deal done at the time. It seemed to me that there was an unrealistic expectation of what we could keep then but also we were dealing with serious tire kickers not really serious buyers in Posco. After that the market crashed on us and it became a race against time to find another way to build a business.

Best now to look forward. Things are cycling our way this time around. Hopefully stale holders are either out or energised to maximise their holding on this turn of the wheel.