Ann: Placement, DFS Results and Resources upgrade, page-2

re: Ann: Placement, DFS Results and Resources... A few shockers there (two years to first sale of product from time project is authorised by our Board to go ahead?) and an explosion in upfront capital costs of more than 100%.

Game on now to bargain hard with the Namibian authorities to reduce the capital costs and to look at ways of pushing some upfront costs further out (e.g. staging the tailings something or other construction in steps rather than completing it all at the start + getting by without a desalination plant in the ramp up to full production, etc.)

Every cent we can shave off those upfront capital costs must have multiple shareholder value creating effects, surely? Our Board has certainly got a lot of work ahead to do to get this project to look more attractive, and the more atttractive it looks, the lower our finance costs will be? I hope for a string of announcements that cut the upfront capital costs in the future. No idea if we will get them or not though.

Agree with Seals we are a speccy: technical risk (assuming the project ever gets the go-ahead) e.g. the dredge arm snapping off drives other risks and so share price movements will probably have to be very lumpy indeed in the early stages of the project: 10 bag or 90% loss types of scenario?

I hope the sh't of Perth is sent packing with his 9 for 10 offer and that the Shi'ite of Persia get regime change soon.