Ann: Company Strategy Update, page-9

As I said at the time, much of what was said back then, was to win a proxy fight. What do you want? M&A and acquisition have to be done carefully. On average acquisitions destroy shareholder value. You don't make a deal for the sake of revenue growth or because you promised it. If you can't find a good deal, you don't do anything - simple. I am glad management didn't do anything stupid. You normally don't issue stock for acquisitions when you think your stock is undervalued. If you think your stock is undervalued, you might want to do buybacks as long as you get to buy your own stock cheap - money talks. This stock is undervalued imo. I am happy collecting a 10% dividend yield every year on a long life, low cost mine with no debt, waiting for the the next manganese upcycle to potentially realize big gains. I really don't know what you expect? If you want some crazy growth story go invest elsewhere. The management should allocate capital the way that maximizes free cash flow per share over the long term and screw what the market thinks!