Ann: Change of Australian registered office address, page-16

Thinking into the possible future here:

- I assume we should know either the appeal outcome or the ETA by the End of February.
- If we know the appeal outcome (and it's positive as expected) then it's full steam ahead.
- However, if it is confirmed that a decision is still several months away, we should take urgent action to stop the cash burn until the result is finalised. As I have mentioned earlier, this should include halting activities that should be delayed, slashing salaries (lets not cook the goose) / taking leave etc. If we don't, the result will lead to massive dilution and SP devaluation as we borrow further to fund activities that we can delay.

Low commodities prices are actually a double-edged sword, in that the low cost producers will eventually benefit as the higher cost operations are wound up (which is happening) -but of course this all takes time. Eventually this should result in much higher prices -but it's hard to predict when at this stage. Higher prices will have an exponential effect on the profitability of Axiom (post successful appeal).


Cheers,


SJB: all IMHO