Ann: Appendix 3B , page-26

Thanks for posting all of that strat. I have not forgotten this. It is exactly as you said it before and it has not changed.

You have however completely missed the point. You are not seeing the larger WL picture and this was my original point.

Spouting forth with NDO's WL position is not the issue. NDO being able to fund its share of WL is already well documented (well they say they can do it and I don't discount that however whether they want to is another thing).

My point is still that until the ENTIRE JV (of 8 players, with their various deals and free carries etc) comes up with the ENTIRE $250M to develop this, then what you have posted (which in itself appears to impress the impressionable) is of little relevance and is at best diatribe.

This project will not go ahead until the entire development is pre-funded. If someone comes in over the top with some outside funding in exchange for the majority of the equity of the JV players, then it will be a long time before the JV players see any dollars out the other side of this. In effect their share of WL would be worth SFA.

They need to develop all of their equity position in full for it to be worth a meaningful amount of money. This is why I have suggested the OEL and NDO together would make such a better and stronger entity. They could use their aggregated Galoc cashflows and moneys to simplify the JV by taking players out (either with money or royalties in the development etc) or by joining in with the outside funder. You may also find that a serious move to develop WL by the combined entity may bring their Galoc partner KUFPEC in tow with them. And then you might get WL off the ground.

Going on and on about NDO and WL individually is not the point. Wake up to the bigger picture. Something additional over and above NDO being able to finance its own share needs to happen for WL to happen.

Sorry to point this out to you (and everyone else) but it needs pointing out. For me it is patently obvious.