Ann: Quarterly Activities Report, page-33

The quarterly exceeded my expectations and therefore surprised our SP did nothing.

2,471t produced in the qtr was a great result and whilst official cash in bank only increased $8.2 to $21.6m it appears we are still playing catch-up on payment for tin delivered. Whilst MSC have made payment for past deliveries it looks as if we there is still a large amount owed on tin delivered to YTC as the report refers to $19.1m in timing difference which lifts our unofficial adjusted cash balance to a very healthy $40.4m. There will no doubt always be a timing difference however not to this extent so hopefully the next qtr sees things return to more normal levels.

So we now have a simple debt free business with a substantial cash balance and free cash flow in excess of $20m per qtr and a de-risked interest in copper and nickel, and yet our market cap is still only $325m.

TIN has seen a couple of substantial drops over the last month or so only to quickly bounce back and with LME stock sitting at only 680t the supply/demand rule suggests the TIN price is likely to remain supported at least in the short term.

I'm not sure about a SP of over $1 but I'm pretty sure we are worth well north of the current 36c so I'll be holding for a bit longer yet.

Maybe we need a few days for the market to digest the quarterly before we see some new investors come in.