Ann: NCZ Secures Landmark Royalty Deferral Agreement with QLD Gvt, page-14

Varde has been successful in a number of Australian mining deals and had often partnered with Owen Hegarty's EMR Capital who invest in gold, base metals and coal opportunities. They are regularly at Diggers and Dealers and often willing to provide a more flexible loan structure than the Aussie banks or common lenders like BNP PARIBAS or SocGen.

I really don't think your statement has any credibility or any relevance. They are a successful fund and have made an assessment of the risk/reward and put their money behind the project. Not to forget we had one of the most diligent and conservative lenders in the market (NAB) also do this.

You need to watch management slowly tick off milestones and give them credit. They have now got the cleaner circuit operating and hopefully we will see recoveries lift. We then need to see production volumes lift which naturally gives you cost base leverage and our cost of production per Zn unit falls (volume fixes a lot of issues .... also another hallmark of Owen Hegarty's successful turnarounds as a complete parallel!).

The shorts will get burnt badly if management get some runs on the board and announce recovery/volume up and costs down. Remember FMG anyone????