Ann: Investor Presentation - Brisbane Mining Conference, page-170

Would like to completely agree with you,but have you heard of the "sunk cost fallacy"? It's nice to imagine that Roly has more insight than anyone else.Let's say he has great belief.

At the moment there are lots of interpretations of what stage we are at,there seem to be delays in announcements and a continued re-runs of old news on Twitter.

Asculpeous posted primarily in trying to assuage the anger that was being expressed,but also air the view that we really don't know what is going on.Believe what you like but as shareholders we should have been given meaningful updates.

Just remember that before we entered the Alcoa relationship ( can't even call it a partnership yet!) we had produced 5 N HPA and we were told that we were on the cusp of major off take agreements.WE were the leaders in the space.We were told that we took the option as it was the best for finance, and yet we see A4N be the recipient of massive funds.

It may turn out to be the best decision but we don't know that.The macro environment has changed significantly in the last 6 months and Alcoa will have FYO over a barrel. They know that Roly is heavily invested and will be extremely compliant to any of Alcoa's demands. We are already seeing shifting sands so it would not surprise to see a new agreement with even better terms for Alcoa-all because too much control was given to Alcoa in the initial agreement.

This speaks to corporate governance.The company is muzzled regarding it's core business.A company's responsibility is to its shareholders.The "commercial in confidence" is wearing a little thin at this stage. Are we still exploring?( as suggested by expenditure) Will our resource be used or Alcoa feed stock?What about the silica? etc etc.