Dec 8th., page-105

Hi Croc,

I am sure you understand Gemcorp and BMCG were paid very well in fees to provide WKT with the funds.

Gemcorp by memory was around US$3.2mil. you could consider this as a 16% loan establishment fee.

If Gemcorp and BMCG thought the lindi jumbo mine was going to offer the US$1200 free margins as you claim, we wouldn't have seen BMCG liquidate its holding and Gemcorp wouldn't have offered a credit card interest rate with such a short loan period.

If the project fails, the loan still needs to be paid. We have already seen WKT shareholders fail to raise the funds when needed and we know that all other institutional investors have said no to funding the project.

On another point, When companies lose money on fixed-price contracts, they normally cut corners to save money, i.e purchasing lower-quality equipment, this always comes back to bite the company. It will be very interesting to see how long these motors last. How many months was SYR suspended from operating when one of its motors broke?

I also find it hypocritical of you to bang MRC for using two different ore types. You know full well WKT has never tested bulk samples of its Fresh and Transitional graphite through the Chinese testing labs, WKT has only sent the soft (break with your hands) graphite that sits on the surface. Has it occurred to you that this is the reason why WKT had changed 3 year mine plan to only focus on the surface mineralisation?