1.5 billion coal project, page-43

Dear all

Good to see that most of the familiar names are still here.

To my best knowledge:

1. We will see an upgrade on the Charters Towers gold resources in weeks.

2. At least one team of geologists are undertaking phosphate field exploration, which should be completed within weeks as well. Samples will then be sent to labs.

3. As we know that there are a few different groups within the traditional custodians of Mt. Mulligan. The current delay is simply due to the parties finalising which group(s) will act as the counterparty to the access agreement. All talks involving Mantle have been done.

In other words, all these three fronts are advancing well.

I know that the market is much more impatient than it was months ago. But as the saying goes: The market transfers wealth from impatient to patient investors.

Hope that I can see all you guys in the coming months.

Cheers,