a quick primer on ext, page-15

Hi Joel,

I'd just like to clarify one thing. You say: "Now we have a guy who has spent $20million in 2 days on EXT shares (plus some)."

That's not quite true/the whole picture. Just looking at the details of yesterday's notice (Annex B), you will see that Polo's main buying was between 18th Feb and now. You will also observe the Polo first took a small stake in Feb 2008. Page 2 of the main notice also shows that Dattels personally (as opposed to Polo) acquired his 2.1m shares over a 4 month period prior to the notice.

So, Dattels & Polo have been accumulating for a while now, but this is the first time that they have declared their interest.

Moreover... Dattels also has an indirect interest as he is co-chairman (& a major shareholder) of Emerging Metals (EML), which acquired shares in Kalahari (KAH) starting in December 2008 and now holds 8.8% of KAH (and today has announced a further direct holding of 360,000 EXT).

...and that's not all. Whilst Dattels' connection with Niger Uranium (URU) is not obvious (he is neither a director nor declared as a major shareholder), I believe he does have a meaningful shareholding in that company. That's because URU was spun out of Uramin when Uramin was taken over by Areva. All Uramin shareholders (of which Dattels was one, Mellon, Stalker & Herbert others) received a dividend in the form of URU shares, as well as a cash payment, as a result of the T/O.

URU bought a major stake in Kalahari (now ~15%) back in March & April 2008.

Dattels hasn't just appeared on the scene "out of nowhere". He's been working, watching & waiting in the background for a long time (almost since the Rossing South discovery), undoubtedly guided by Stalker on the importance of what Extract has. Only now has he been forced to move out of the shadows and into the spotlight, I guess due to the imminence of RIO's moves. ;0)

It was only because I was interested in URU & its big stake in Kalahari that I found out about Extract myself - and decided not to mess about but buy directly into Extract, last October. :0)

HTH,

Mark