How to defeat a Scheme Of Arrangement, page-65

The problem with that mir911 as Lethal and others have pointed out is in the detail.

With respect, some of us have been around here a very long time and know this company inside out (like I suspect you do with STX).

Taking the three projects:

1. Mongolia- we were sole funding a buy in to our 33 percent stake and over the last quarter achieved that. Ongoing pilot well costs are now 2/3 TMK and 1/3 TPD.

2. The main commitments for L7 would be next year.

3. You would expect the last couple of quarters to be the big ones for Walyering with lead items being ordered etc and the main plant building.

All in all, it largely makes sense and makes more sense to me than the misleading statements the operator of Walyering has made about the production timeframe.