Ann: Replacement Bidder's Statement, page-110

You have been most respectful and I do appreciate that. I was merely trying to ascertain your general age and the industry you are in. Snowboarders can be any age but generally in their 20s and 30s. I still disagree with the majority of your points. There is one huge element missing right across all forums and your responses. There has been much discussion about the current price of iron ore …….and the discounts. As we both probably already know the Iron Ore Industry is cyclical and with the massive projects looming in both China and the USA a guaranteed iron ore supply has to be discovered, mines developed exported etc. There is no point in doing those things when operations are underway. Guaranteed supply needs to be discovered and established before. Prices of Iron ore have to go up to secure tenements, exploration, testing, infrastructure, building mines and building ports, securing customers and shipping. It is a very expensive business and not a lot has been spent on the industry for quite a number of years. Someone recently commented that Atlas does not need an immediate injection of funds as Mt Webber is already operational and Corunna Downs is well underway.

The Atlas losses are not massive on an annual basis. I have noted recently that export volumes have not been huge - there is no mention of lumps - I have seen no mention of hedging or forward contracts recently and of course the poor economies of scale are not helping the bottom line. But I have also noted that recently Atlas is receiving Royalties from Altura and fees for shipping Lithium for Pilbra Minerals and of course the Intest expense is falling as term loan B is reduced.

You refer to Atlas not being profitable. The secondary (and equally important) element of a profit and loss account after revenue is of course expenditures (which are huge in this case) . I have not seen these issues discussed anywhere to date. The first questions that need to be answered are when the mining, crushing and bulk haulage contracts were signed - what was the iron environment like when those contracts were signed, what was the iron price at the time and the outlook for iron ore prices and were there appropriate competitors around when those contracts were signed. And lastly the most important question is when do those contracts end and up for renegotiation. I being an Atlas Shareholder and part owner in the company would like these questions answered - to assist in making my decisions.

For your information I have browsed the websites of the Atlas contractors looking specifically for detail on what work was being done on behalf of Atlas and continues to be done. I looked at the projects being worked on and the employment positions that were vacant specifically for Atlas related projects.

As for the value of Atlas Iron Business I refer you back specifically to The Atlas Rising Resource Stars Video where Cliff actually speaks about the iron business and the continued need for lower grade iron ore in the world market place.

I have not addressed any other commodities or assets owned by Atlas.

Just a few points to digest.

As always. Only my Opinion. DO YOUR OWN RESEARCH ------DYOR

I have nothing more to add at this stage.