Ann: Argosy confirms first batch of LCE produced, page-356

Alex Molyneux responds..


1. Why was a trading halt required for todays announcement? - Product was produced Thurs in Argentina but required time for lab analysis to determine quality... hence the time taken in halt whilst the first info was known but the critical detail still being gathered.


2. Why was the gas issue not previously disclosed? - We were using our tank gas boiler as a work around and believed it could achieve the same outcome so mains gas wasn't an issue until we determined it wouldn't work as expected at the end of last week.



3. Why the small sample size? - Without gas, we cant complete the last 3 industrial scale plant stages for now so we took a sample from the larger body of the plant material prior to that stage and manually worked the finishing process to establish current product spec available



4. What exactly have we produced? - Its BG in terms of key deleterious elements but there is some solvent remaining (together with soluble impurities) that has not been washed out properly. Obviously we're confident this will be solved when gas is available.


5. Whats the status of the gas? - Its connected and we will have the supply switched on as soon as the local gas distributor does that.



6. What's timing on JORC and OA? - those are dependent on 3rd parties (ie, JORC pepared by external consultant and OA dependent on customer finalising internal process) - we can't put a timeline on (and it a mistake to do on JORC before) but they're progressing as quick as we can


7. Whats the current price difference between IG and BG? - Around 8%



8. How long until gas switched on? - Another one that is reliant on a 3rd party (ie, the local gas distributor) but we're pushing as hard as possible - could be as early as next week or the week after but dependent on the gas distributor meeting their commitments