Ann: Signed Land Acquisition Agreements for Great White Project, page-16

Land agreements signed 'in principle' are now delivered, another example of James' loose words coming true.

I have no doubt also that James fully expects IMCD to come through and it probably will. I have no doubt that other BOAs are close to completion and they will probably materialize shortly.

PEPRs are rarely rejected and ours is a simple case.

Keeping cards close to your chest is not a bad thing with all the ADN nearologists out there.

I have no doubt we will see funding for GW, but in order to remain balanced, I do have doubts about dilution. What will we see? Government Funding? CR? SPP? Banks? Partnering? Upfront Payments for BOAs? This could pan out with 0 dilution or 15 20%. Ideally I'd like to see a mix of Gov Funding plus Bank and if needed a SPP/Right issue if needed. This is not a major concern but can dilute future earnings per share and with that water down the future share price. We want the best outcome here.

On the CC front I'm pleased there is little on the news but only if this is advancing quickly. There is no shortage of competition here. Once customers sign with competitors we are out of the game.