Ann: Application for Quotation of Securities, page-37

Hi JRPC I am more than happy with my investment in WKT…It’s been a long journey and hopefully the investment will pay off…The fundamentals are off the charts and the project has a 50% redundancy builtin at the backend…The design is to mitigate startup concerns where the project can run more material through the front end achieving name plate capacity of 40,000 TPA from 50% recovery rates…

Its a great opportunity offering US$1200 free cash margins per ton product…This is the figure that MRC need to improve on…No point increasing tonnage if each ton produces a loss…

Regards Croc (Riding a Wild Bull…) A p/e of 7.5 at 40,000 TPA is pretty impressive