Ann: Annual Report , page-2

one cannot help thinking when reading this report that if it hadn't been for those poor blighters spiraling down the gurgler by taking up their options at 75 cents back in march, ife could well have gone to the cleaners by now.

ok, it would have come out ok imo but very shrunk at best. i for one applaud those poor sods and recommend they get a bunch of free options to thank them for their wonderful charity. cos charity it was at that time. are you listening mr directors ? someone saves your soles so be good to them. you prob owe your jobs to them right now.

so we are saved, at least for now.

page 66 can be frightening but for me ife will pull thro. just. and i mean just.

i don't remember allen cauvin. someone said they didn't know he'd gone. well i don't remember it/him (sorry allen) either but maybe others can. we lose ken and wayne and also allen. not a good sign inside the kitchen, so to speak, is it ?

on p29 ian and co give the impression that funds can 'hopefully' be raised to bring this all to production. even in the current climate i will go along with that. i shouldn't but my reading of the report and my other research tells me this will survive. again i say, JUST !

of main importance now, as long as timelines are kept to reason :
end nov to expect news we can proceed with the port facility with the changes. enviromentalists permitting.

the time to get the port up and running to load a ship may not be so long as one might expect.

ring ring to chinaland that we need a ship and the trucks jolly along burning their tyres in the dust to make the historic first load.

i note in the report that the champers is on ice ready to launch the tinny.

imho don't bother to look at the accounts. it's a simple raising or go home imo. UNLESS of course that first shipment can make it in time and some readies fall into place very quickly. it can happen.

in the mkts one has to take calculated risks. by calculating, i mean add it all up well and proper and see what the risk is v the return. for me it's less likely to be a failure compared to that so often looked for 10 bagger. why ? this has gotton so far. the ore is pre sold into the next 2 yrs and some beyond. the port is more likely to go ahead than not. once the first ship sails then money should be forthcoming from a CR or other. once people see the reality of it then they will jump aboard.

p14 states the directors believe the group is in a strong and stable position. the audit p66 states the doubts but the auduit has to look at it from the worst case scenario. i accept it all. one must decide for themselves.

here i'm looking only at ife. trf is another matter. trf will benefit of course if ife makes it to the starting gate. the vet has been called in ready. i believe he will not need to unlock his bag and shoot either nag. just get the medicine out. lucky bay pills. port facilty lotion. tinny elastoplast and of course that bottle of hope.

sentiment moved to survive.

be good,

40.