Ann: Interim Financial Report 31 December 2019, page-4

Things appear to moving sideways and not improving.

Increased debt34% marketable grade of pearls, is this correct? Only a third of what they are producing is salable? 0.38 momme average is only about 9mm according to information on google. If that's average there is allot of smaller pearls also. This may be contributing to the increased number of pearls on hand. Are they struggling to sell smaller pearls or have a surplus of low value product with no market?

Very little confidence remaining in this company, if they have not 'refined' their techniques by now something simply does not add.

Perhaps its desperate attempts to improve production but are lost in doing so.Hong Kong Jewellery show cancelled due to Covid-19, real concern here for upcoming auctions.

Can only hope for some sort of miracle to improve things here.