Ann: Ardmore Operations Update, page-10

I did NOT say conservative now I said conservative from December.

Based on the recent announcements I am of the view that they are already cash positive on a per tonne basis (equal number of tonnes produced and sold).

The cash flow report is obviously muddied by the ramp up costs of producing more for sale later.

Once the crushing is in house and not outsourced (from December) I expect that per to tonne margin will be at least $100. This I consider conservative.