FTi and WMC, page-4

If we are still a little behind the mine plan and development then the following may be a solution for the company to consider.

Get Mercuria on board to convert a sizeable amount of debt to equity and extend initial repayment terms to beyond October for when the wiltails hopefully comes online to produce some extra needed cashflow.

The only other consideration as Drugo has mentioned in the past that concerns me as an investor is where is our concentrate currently going or is it going anywhere at all? I can't imagine it is Russian bound to Polymetal anymore? Are we even still selling concentrate and to whom apart from Trifigura taking 30% of the first three years production. Where is the 70% excess going?

If the problem around cashflow is that we can't find a buyer for the concentrate then it ain't going to matter if Delphi and other majors throw millions more at this and Mercuria convert debt, we are in deep creek without a paddle if this is the situation.