Ann: Thackaringa Joint Venture Update, page-25

Disappointing development of the SP and disappointing performance of COB Mgmt. There is actually a loss of confidence in the project but, honestly, the delay of 12 months was predictable after release of the Wood study. All the relevant project parameters remain intact; the extraction process is already very good and will be further developed. To my mind, it will take at least another 10 or 15 years for alternative types of batteries to hit the market. No competition in the foreseeable future regarding "cost and scalability". This means the delay is unpleasant but not dramatic. I consider COB (just like AUZ) as a long-term investment… I will continue to buy during the next months…

GLTAH