Ann: Blackstone, Yulho and EN Plus Sign MOU, page-15

The question is why have us long term holders continued to stay invested in what has turned out to be a stock that promised so much but has delivered so little. The answer is that the potential remains in tact and the current MC is back to well below intrinsic value. SW and the board are no doubt as frustrated as every SH is but there remains interested parties in gaining a supply chain away from the Chinese especially if it is a cleaner product. We have been building a more certain longer term supply of Ni concentrate for the refinery and if/when the refinery partner(s) come on board debt providers will supply much of the capital required on the back of binding offtake agreements etc. It's too late to exit as the extremely negative sentiment both at the micro and macro level says now is the time buy. It will remain easy to throw mud at our company in the short term but things are obviously happening and with Vietnam naming our project as a significant economic growth driver in their broader plan I'll stay invested at this price.

PS Have others seen that Mincor have just opened a Vietnam office in Hanoi? They thanked BSX and Lon Taranaki's comment in reaction to it on LinkedIn was interesting. "looking forward to working with you". I think Mincor see the opportunity to supply mining services in this growth market but as they have a big balance sheet who knows what they are up to?

GLTAH DYOR