** 7.3c chart gap, page-36

re: brabus/ucl comparison/tas Good tie up with Barclays and now they have one of the top UK analyst-brokers working on the sp and the equity component Tas.They seem to be surrounding themselves with some good talent in terms of getting the finance sorted even if some of their previous moves have been shockers.Just how they go with off-take/s and some of the project detail could be interesting.

One of your sticking points with Gip was the lack of engineering experience in the management team and from what I have read so far we havnt seen any appointments in this regard with the Perkoa project.Things are moving quickly with this project and although its not an overly complex project processing wise I can see that the underground mining aspect will need careful management.As you and I both know good mining engineers arnt exactly thick on the ground atm.

Thats also a pretty healthy IRR(43.5%) based on an ALL EQUITY BASIS and would become much healthier with just about any kind of debt component.

Many of the current off-take agreements being signed up have the off-taker also being involved in the project finance.Will be interesting to see if such a deal can be made here but not holding my breath for such an outcome.

d.

Holding Aim/Aimo