Ann: Infrastructure MOU Executed with China Railway Seventh Grp., page-34

While i am very positive about the future for Lindian and will continue to hold, i am disappointed we are not further down the track in developing these opportunities. The hard truth is that an infrastructure study MOU with China Rail does little to advance the commercialisation story at the current time and such agreements are pretty easy to obtain. I also hope that scope of the MOU is limited to deliver cost and confidence and that Lindian are not closing off future contracting options. I had hoped for a more tangible MOU about sharing with an existing infrastructure owner or one of the other producers to build confidence in the development scenario and the project economics. I really can't see the market recognising much value without some progress on the buyer relationship development as it is ultimately product offtake that will support project financing and shareholder return.