Ann: Investor Presentation, page-7

is reward the last man standing in the sop business?

after failure of the first two sop operations including kalium lakes...

lake mckay tried for finance to buy kalium lakes...and just announced they have withdrawn the offer, but still remain in a trading halt 10 days later...why?.. do they have finance problems for their existing operation, why not business as usual?

lake wells could not get finance and have taken the drastic step of surrendering their mining leases and selling off the onsite production assets including pumps.

mardie salt have got their full finance for their salt operation but not the sop attachment and have abandoned the idea of sop recovery.

this leaves reward with the opportunity to jv with mardie...take the mardie discharge brine to recover the sop by their new process... and as waste this is certainly a cheap feed for reward. no mining lease, environmental worries...all the work has been done.

reward with all the talk of being a slow mover, is now looking the most intelligent sop operator...even if lake mckay does get up you could call this ruanes free trial...remember he did surrender the lake mckay leases, virtually saying ok someone else can have a go and if it works reward will follow them.