Ann: Quarterly Activities Report, page-5

Hi Hemmo, I'm taking my time this weekend to complete my first reading.

From what I've read so far:

1) The Company is taking steps to announce soon the site for the Mozambique JV, which from my initial reading will be near Nicanda Hill.

2) The amount paid for equity investments in the September Quarter - AUD $1.117M most of this amount was presumably to Grafex as the Company progresses towards 100% ownership.

3) Also included in this investment amount is an AUD $100K investment in RBR. TON is now a Top 20 shareholder in RBR holding 5,555,555 shares bought at $0.018 each in July (see Top 20 listing in RBR Annual Report released on 26 October). TON looks to be making a strategic investment in RBR as well as already being in strategic partnership with RBR and will perhaps increase their holdings in RBR as TON moves closer to production (Disclosure: we hold RBR).

Some useful pieces of information from my first reading. Have a good weekend.

Please DYOR.