Ann: Chairman's Address to Shareholders, page-3

Yes absolutely. I think the next six months could be a game changer for Base with an increase in the mine life for Kwale (with every year adding $50m and possibly up to $100m in market capitalization) and release of the economics for developing the Toliara Project and how this project is to be financed (hopefully in large part from the Kwale mine so debt remains low) which is expected in March Q 2019. Consequently, I think Mr Market is currently undervaluing Base and factoring in very little for potential upside. But again the share price is under pressure today (down one cent or 2 per cent) so what am I missing?