presentation at amec perth, page-11

That's a great question Sekret. An angle that I'd not thought of: fixed price with movement every sixty ninety days, etc.

The question though is that if this is the case, why is IRL going back to HCL to renegotiate the price for the expanded production beyond 4500tpa? If there is a movement based on a semi-fixed LME, then wouldn't that periodic movement pick this up? Not sure?

Re stock valuation however, yes there are difficulties. However, I do believe that broker/ insto marketing is absolutely possible and necessary.

There are many exploration companies out there with and without JORCs in place and with and without offtake agreements in place, and with and without production infrastructure in place. Many of these exploration companies have NO production however, yet have SP valuations exponentially stronger than IRL.

Marketing is not just about fundamentals. It is about sentiment as well. We have bought into this stock because we have believed in the fundamentals.

For those that do not believe in the fundamentals and are not holders we need to change their sentiment. This company has done something taht very few companies can point to: generated production less than twelve months of listing. Plus there's Askot. Cashflows also look like they will be very strong moving forward.

I say this on the basis of DJCs as their valuation appeared to be quite conservative and I believe they had access to information that was not publicly available. This they used in generating a valuation model for Surda that enabled them to produce projections that equated to the actuals (assuming 4500tpa) that they had been given. Just my view. I might be wrong.

To hone my questioin further for GH, and to simplify it somewhat, the question should be GH:

1. Has IRL got anyone with capital markets expertise (ie, broking) in an executive position (not board) and how much of their time is dedicated toward the marketing of the stock?
2. What is their background (ie, skill-set) and with which organisations?

And again, to re-iterate, I think the first point you made Sekret was execellent.

BUSH