agm

Hi gentlemen,
I went to the AGM last week and ended up asking quite a few questions of Phillip Hopkins dutring his presentation.

Key points he made:
- He says the lease wasnt the problem the relationship with Manajem was
- He thinks he could/should be inking a new Agreement with Manajem that will change the split form 50/50 to slightly more for AUQ. Possibly in the newxt few weeks plus a month for registration. he thinks he can meet the time line in th epresso wiht a bit of luck.
- referring to the SP graph, I think this info has got out to key instos but not smaller retail people. More shareholders are coming on board hence SP lift due to both relationship progress 1st leg and the prince's links 2nd leg.
- He points ot the forecast zinc price and likleihood weighted ave. cost of capital will be closer to 2 then 10 if the sauid's provide 75% finance. this finaicne is not dependent on a partiuclar % of Saudi Ownership.
- I also met Ian Williams who is ht ekey driver. John Hopkins got there late but is the mover and shaker.
- I spoke to the COO as well and he seems confident of getting an offtake agreement for the equity piece and this is being pursued in tanderm with financing all wrt the time line shown.

I will provide further snippets as we encounter them.