Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-51

Hi AWASP. Like many, i actually invested for the Lac Rainy graphite potential two years ago. However as many holders know, it was the Manindi Lithium program that set the SP alight reaching nearly 20c from a post consolidation price of approx 4c. All in all, a 5x profit for many in a very short space of time.

Even more importantly, the company were able to reap the benefits of B/C options which were converted by many giving the company a cool cash position of approx 20 million dollars. No mean feat given many companies allow their options to expire worthless and deliver no value for the shareholders. MLS were able get both of these options well in the money and thus ensure a very enviable cash position for a long period of time if used wisely. So if we are to be objective, the company need to take a lot of credit for that.

The MLS board seem to be coming under heavy scrutiny and perhaps justifiably so given things have been very quiet. However, i also seem to remember people saying the same when people criticized the consolidation move before things really took off.

I have converted some to heads which i still hold and taken some profits, but just feel that a similar trend may unfold again for those who are patient as the next set of options are coming up soon..

A range of well developed projects and an abundance of cash means that the company can call the shots when they choose rather than rely on external factors such as shareholder approvals and market/economic conditions. Raising 16 million ( which is left) now would be no easy task in these relatively poor economic conditions.

No board is perfect, but interested to see how things go and where SP/MC will be in the upcoming months.