attended agm, page-10

Hi,

Thanks Link, which one were you?
The Multiserve comment was something I took up later as well, trying to understand where Multiserve was at at the moment. Mike made comments that their EARS success had made several Steel Industry Technical journals and the company had fielded calls from several players. Mike was very bullish on the ability to Build Own and Operate several EARS/DRI plants to service various steelworks and it had made some in the industry sit up and notice. He said that once they had operated the Newcastle plant for a period they would be able to easily put plants elsewhere. He is expecting to be cashflow positive by the 2nd Qtr next year. Multiserve has the agreement and information so it's up to them to now respond prior to Christmas.

I eventually read this as Mike being very confident and he was going to make sure Austpac got the best out of the Ears process so Multiserve appears to be just one of a number he can or is negotiating with. His "Who Knows" with Multiserve was an interesting reaction, especially as he indicated he was asking a lot from them for them to be involved. I don't know either but I surmise he has others to play off against them and is waiting for their next move. We shall see.

Re: the 60,000 tonne plant Mike indicated he was talking to several major players, some of whom are analysing the syn rutile and it appears his play at this stage is to get them or others to fund the plant for some equity and I assume carry Austpac into the project without it having to go back to shareholders for funds. He has been approached already by more than one group who have made offers to fund the BFS.

that will do for the first shot at a summary.

Cheers

Seik