Ann: Keysbrook Funding Update , page-15

You must contribute something leverage instead of discrediting others. Stand by a statement like I have or members will quickly work out who has the agenda and who hasn't.

As for my apparent "soft" agenda, here's what I'm clearly saying.
Don't buy into the hype of Zircon and TiO2 price, supplies, deficiencies, etc., it's an incredibly fickle market that continues to have issues.

At Iluka's presentation yesterday David Robb told everyone that they won't even be cash flow positive this half (after paying the divi) and the outlook is positive, but still unclear.

Now if the market was reasonable or good, the industry leader who has very little debt wouldn't be having this issue.

So what I'm saying is this. The offtake agreement for the Zircon is paramount to get funding through and they need Tricoastal or another player to help out. But the problem is everyone realises the current issues and don't want to be involved - yet.

So just wait buying more MZI until well after the offtake and finance is finalised. Now I don't know when that will be, I do think it will happen because Keysbrook is a good project, but why buy it now when it will probably head lower.

Pep