Ann: OZL: West Musgrave Ore Reserve Statement, page-36

I stand by what I wrote: given OZL is now flagging a $710m cost for revamping its mining strategy at Carrapateena and its recent calls on cash, it is not the cash rich company it was and we'd like it to be. Sales into China are down. And if we get a decision to mine, OZL will need to call on CZI (probably without offering a sweet heart deal,) so I'd like the metrics there to be somewhat more enticing for debt funding rather than other avenues such as dilution etc. With a bit of work that NPV at WMP could show improvement. I trust there's lots to come.