Ann: A$15M Placement completed and Entitlement Offer Undertaken, page-63

Spot on. The more funds committed to Dubbo, the less dilution required for capital expenses. There will be some, but at this stage we are looking at getting to production with between 200-250m shares on issue which would be quite extraordinary. Export credits are usually on quite favourable terms also as the Country providing credit sees long term benefits associated with the project that they are funding.

With A$1.5b of credit interest for Dubbo and vying up interest, behind the scene happenings must be looking quite attractive. For example, Canada to commit $400m and US to commit $923m means that these countries anticipate that Dubbo oxides will have a market place that will support repayment of the loan.

In other words offtakes to come.