Ann: STRONG PARTNER INTEREST IN IONICTECH-PLANT FULL FOR 18 MNTHS, page-11

Hi Burge 13

I think that IXR can now justify borrowing whatever it would cost to build a large commercial scale recycling plant. The obvious risks with that is not so much current investor dilution but knowing what size plant to build for demand levels in 2, 5 and 10 year time frames.

From my perspective I would like them to build a plant that has ample scope for expansion over the next 5 to 10 years when we expect demand for recycled ESs to expand exponentially in a very short period of time. Hence our biggest risk in designing a new recycling plant will most likely be that we build too small a plant, especially if there is limited or no room for future expansion.

Tim H. mate.........go bold and go big. Once it is built you will be swamped with demand within 2 years !!

Cheers W2