Ann: 2015 AGM Presentations, page-6

If you think sulfate of potash has been hot this year, IT HAS.

Now think about a product that sells for up to US$1100 tonne or Aus$1500 a tonne. This is a premium product and world supply is lower than sop and I have not come across this product when looking at fertiliser shares. Must be extremely rare.

Then think about all the sop deposits in Australia and they have extremely high shipping costs and infrastructure costs. I would think the location of this deposit is favourable in terms of transport and infrastructure.

Then add current cash in bank and it seems like a great risk/reward scenario around these levels.

My only concern is capex. Will have to wait for scoping study to see their plans.