Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-275

Originally we were told that Solurail would be taking spod to the Port of Trois Rivières, upstream from the Port of Quebec.

This was suddenly changed to send the spod directly to the Port of Quebec.

The reason given, is that it is a deep water port that can handle big loads for Cape size cargo ships.

FYI Cape sized ships carry loads of around 170k tonnes, more than half of what NAL can produce in a year.

As we all know, the first load despatched by NAL was ~19k tonnes, all of the loads since have averaged 14k tonnes.

Therefore, the reason given that a deep water port was necessary, does not appear to be correct.

So, spod from NAL goes to the Port of Quebec (where one of the world’s biggest marketers of bulk minerals) has a terminal, (Beaufort Terminal).

Who else could market spod from NAL other than Glencore?