Ann: SFG PSD Equity Raise, page-61

You run the risk of being rubbished by all the haters on here, so thus my reason not to provide any specific details on the spreadsheet, other than to suggest that we all will benefit immensely if/when the company provides a summary of feasibility study inputs.

I believe that as Stages of production progress (ie beyond Stage 1a), cash flows benefit by reduction in marginal operating costs, which assists with the funding of future stages.

Also I noticed that the Chairman appeared on a business channel today being interviewed - this is the first initiative into marketing that I've seen, and is a positive step. Interestingly he suggested top end production (fully developed 10,000 Ha) of 180,000 tonnes. My analysis assumes 150,000 tonnes.

Also note that NO debt finance will be provided for any project if it cannot achieve an appropriate repayment schedule --> Stage 1a must be profitable, which reassures me that if debt funding is achieved the cost/pricing structure must be appealing, and future clearly will be substantially more financially attractive.