trading halt, page-19

CK,

I am pretty sure it isn't RIO either, mostly due to the stage at which they would be interested and it certainly wouldn't be pre-BFS completion.

It could be someone big who just wants a stake in EXT. Not a take-over but a sizeable piece of what's coming.

If that was the case it would be a pseudo-placement but since we don't need the cash right now and would get more money for less shares in the future then who-ever was offering this would have to offer well above current market value to make it worthwhile.

I'm still thinking JV.

A stake in a part of the project but not EXT the company itself.

In exchange for the stake in the project, a free-carry for EXT or near free-carry.

In other words the big investor pays to develop the project in exchange for a percentage ownership (of the project only) and we pay little or nothing in the process but retain a large ownership of the project.

I guess we will find out real soon.