Ann: Appendix 3B, page-32

Dougie,

Like itchi's "great" shooting star???

Post AGM I had a lengthy chat to CI and I would be very surprised at any such ending... Think about it; why now? That wouldn't make sense. The sun is coming out, not going behind the clouds. SS is ready to go when the nickel price warrants. And that is looking much likely happening than in recent ages. POS's share price has bottomed in my view and is turning around. But some folks are living in the past and are stuck there. Leave them behind. This isn't a Catholic marriage. You can sell and re-buy later if you wish; but there appears to be a sentiment of remorseless persecution with this stock. Heaven help us!

Many companies have done CR's and diluted their shareholdings. POS is sailing closer to the wind than most, that is true, but it survives. It has great assets and the market knows this. I suspect early in the new year will bring some news of activity. As has been stated before, much better they have the route they have and survived, than done nothing and gone under. 37% more shares in 3 years is nothing in that context. But some won't agree. Fine.

Kip