Ann: Appendix 3B, page-31

I fully agree with everything you just said Thongo. I also have question marks though on MNS's advanced offtake discussions... For example why list so many locations as having advanced offtake discussions. Surely MNS don't have that many advanced discussions going simultaneously in so many different locations?? Sounds to me like they are keeping the market interested but are struggling to nail down even one offtake. But all in my own opinion. KNL took a long time in getting their offtake with Thyssenkrupp to go from MOU to Binding so for MNS to need the amount of offtake they need it is going to be a long process and I agree that no bank will go near them until the majority of their required offtake is binding... It is purely fantasy land for MNS until the western offtakes are secured.
KNL on the other hand is in a sideways trading pattern and although it is boring I am very happy with our progress. I just have a really good feeling about the next three months for KNL and although we won't be producing for a good 12 months after the finance is approved, I think the market will price into our spot price our first year earnings of production once finance is approved and therefore we should be well ahead of the spot price we are currently sitting at.