Ann: Appendix 4C and Quarterly Update, page-11

I do believe Ross is being overly cautious is saying that he is moderately optimistic that approvals will be obtained by the end of this calendar year.

There have been too many optimistic predictions previously & Ross is aware of that & is understating the probability of an earlier outcome.

The fact that SMN, through the AEM business, is cash flow positive means there should be no panic to have the approvals granted before SMN runs out of money. In the longer term, it does not really matter whether approvals are granted in 3, 6, 9 or 12 months, as long as it does happen. It is only shareholder frustration & impatience that weighs on the share price.