Ann: Management Restructure, page-6

A bit unexpected, but gives a clear insight into the graphite market at present. Very soft with no signs of immediate recovery. I had hoped that the new appointment back in April was the sign of good things to come in terms of project and company advancement, but this news clearly shows things are being put on ice. I'm disappointed they couldn't find a way to get the project financed and built, but I guess the minerals industry is a cyclical business so trimming overheads and preserving asset value on a per share basis is the name of the game. Wait until the market turns and then get going again. If things are truly being parked, they should look at cutting cash burn even more. Like many, I have lost money on this one and will be putting it in the bottom drawer and waiting for the up-cycle to happen.