Ann: First Quarter Cashflow Report , page-5

1930t sold for $734k = $380/t
1790t produced for $1,093k = $610/t

Better sale price than last quarter but still making a big loss of about 34%.

Pretty hard to see any amount of increased production getting the production price decently below $380/t. It's impossible to quadruple production and keep the same operating costs so costs will be well over $1M a quarter.

Delays in getting the new equipment up and running. No update to inform the market of such.

Diluted to hell by the latest cap raising. No real scope for further cap raising.

No answer to shareholder inquiry e-mails.

Plenty of golf industrious though, with salaries paid by the new shareholder funds.

I was hoping this quarterly would have an indication of the profit margins at 30,000tpa so that I could work out whether it was worth sticking around for 130,000tpa but I guess that will have to wait til next quarter, at the earliest.

Unfortunately by then I doubt I'll have a saleable package of shares left given the value destruction management have been engaging in.

I feel this company really had great prospects but has completely blown it. Still haven't been able to get an answer from them of why their 'premium grade' vermiculite that they talk up goes for a lower price than the lowest grade prices on Indmin. I guess it's the supplier they sell to who is making all the money on markup.