Ann: Company Presentation - 121 Event Cape Town, page-62

Hi Jayse, I liked what you wrote. I am very optimistic but I am not as bullish as you on the price range. Not saying you are wrong, mind. Maybe I am just more overly cautious in my approach.

I think we would also need to take into account a couple more capital raisings and therefore some share dilution to get day to day operating costs because my understanding is that this Note deal cannot be apportioned to general business activity costs. That may need to be clarified.

I have also been considering if the Note issue is a success but falls short of the total value initially expected to be raised. I am of the opinion that even getting only 50% of the total would still allow the plant to move forward without any frills. I am happy to have people disagree with me, but there will be cost cutting that could be made to peripheral aspects of the plan that would not affect the actual greenfield site from getting operational and processing product then getting it to port.

But we live in interesting times.