Ann: MBN CTO Announcement 22 11 2013 , page-8

Stay positive fellow shareholders, theres still a pulse. Although theres relatively high debt, the bondholders do not have a position much better than the shareholders. That will buy management some time to secure a contract should the nickel price increase to $7/lb. This is the critical factor to show that Santa Rita is a going concern. Had there been more liquid assets, I feel as though we would have not seen a standstill agreed to. It could be a case that its better to be in a really bad financial position than just a bad position.