Ann: Appendix 3B , page-78

Hi giddiyup,
thank-you so much for your honest and insightful post. relief to find real life out there in cyber world! I can understand some members reluctance to assist and defensive nature here atm, it is never pleasant to be sitting and waiting on a stock. i've been doing this for 5 years now with flm but won't be for much longer!

From your assessment and the research I have done today it seems that esi is precariously balanced on a knife's edge at the moment and does need something seriously positive to announce to give some hope.

No-doubt the TimCom deal must have been warmly welcomed by all holders when it was signed off in June. Just the same, there are quite a few details which could have been better for esi investors. TinCom owns 90% of that J/V and as you say it is still over 3 years off the commencement of actual mining. It must also be a concern that stage one only involves 2m/t and the chance of seeing stages 2-4 are completely reliant on the Victorian government building rail and port infrastructure and we all know what the chance of that is in this economic climate.

I will have to investigate more, particularly in regards to the MATMOR technology. Based on the COLDRY alone I see this as too big a risk and too far into the future to have much sp impact. As you say, there is potential for much upside, but so is backing the 100-1 shot, just with enormous risk.

For the benefit of those readers/holders who might not know, market cup is currently $18 million, shareholder equity $9.4 million and just over one billion shares (diluted) on the registar.

Again, thanks for taking the time to share this information and thanks also to sholtz for posting the link to the annual report earlier, it was quite an impressive presentation.

Best wishes

Bogswell