Ann: Change of Director's Interest Notice, page-2

CII is severely discounted by the market. Some reasons are very low liquidity, no promotion on the ASX, limited mining years left on the Island and the control exercised by Prosper. I'm personally happy with all that.

It takes some effort to find out, but I think CII is well along the diversification path, on and especially off the island. CII had a stellar first 6 months of this financial year with a whopping $21.5m of NPAT net to them, substantially from their newest trading business. I'm not so keen on the 60% owned West African oil trading business, but I very much like the 60% Singapore based Liven Nutrients initiative. Both new businesses are physical trading ones - not just screen trading but the physical supply of a product to a customer - along with finance via extended payment terms to CII.. or, we act as a partial guarantor to approved customers by granting them access to a 3rd party loan, against which we've provide some cash security.

Accordingly, CII's debtor balance shot up after the Kemoil Oil addition on 1 July 2021 and interestingly less so after the Liven Nurients addition on 1 July 2022. I'd be very wary of this debtor balance if we didn't have the expertise of Prosper on board.. but we do, plus a director has been buying as well.

NTA is double the trading price and the second six months of activity is almost up. I'm very keen to see what the full year's P/E ratio turns out to be.