straight to stage 2, page-18

Moz,

Cash provided the floor prior to todays announcement. It provided the floor until small scale production and some cashflow. This is no longer the case. The cash now provides the floor to the next capital raising. Meantime, the markets going to be split (what % I have no idea).

There will be those doubting saleability of the product (and thats not just contaminants, but also a price that provides the weighted average cost of capital). They will wonder why they couldnt get a viable small scale project at todays somewhat depressed prices. They will wonder whether a larger scale plant will be viable if prices fall further.

In the other camp will be those that think its just short term transport delays and/or the small scale plant wasnt viable because of scale diseconomies. The bigger plant will be viable simply because it will have lower costs.

Anyway, this is my last post as I'm not having a dig at your company. Just giving an opinion that may or may not be right. Good luck and I will continue watching BRM as it has huge potential if some things were clarified by the company.