Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-42

There was 1.4million earmarked for debt due diligence for Phase 1 plant lending arrangements this money was to come from the recent credit raise. Now it seems our focus is on selling concentrate to Chinese converters via a US trading house.

We now require under $50milion for the concentrator etc. We can't sell any ore to anybody at the moment because it is not beneficiated enough. This was always the case regardless of the fact Joe alluded to a sale at the last agm, but never made a public announcement about it. I questioned it at the time but In4apenny thought it was perfectly OK to offer this bit of information only at an agm . I am confident now that comment by Joe was not quite truthful.
The ore we have stockpiled is not much better than ore just dug out of the ground.

Brings us back to the loan we wanted from DFC that is now less than 50mill. When we announce an equity partner( I presume for the Phase 1 plant)that is not from a Foreign entity of Concern the DFC will resume due diligence for debt finance for the sub 50 mill. Apparently the guidelines are now available to assess who would fit that criteria. First question must be, didn't we know who would be eligible before now?

Which means there would be very little prior hope of gaining a strategic partner acceptable to the DFC when they didn't know their own US guidelines at that time.
The next question is the 1.4miilion just going back into normal cash burn at this time, while we wait to secure an acceptable not FEOC partner so we can get the DFC to give us the money to make the concentrator to then be able to sell the future beneficiated ore to an existing FEOC such as China.

What a mess.