Ann: Conversions, S708A & App3B, page-2

As of the last 3B issued, 100% of all NSLO have been converted into ordinary shares.

No idea whether the potential 25m NSLO that the company had not yet received conversion forms for were underwriten or were subsequently converted also.

The company is debt free, has around 2.4B shares on issue and no more dilution planned at this stage. The company do have a small number, in the tens of millions of ESOP options I believe but their impact is negligible and are longer term benefits for employees.

We should now have upwards of A$5m in the bank, just under A$1m on loan to Sean and Cedric and have nearly paid off the entire plant before our first sales.

Company now needs to announce full completion and success of plant commissioning followed closely by a PO from BMM Ispat for a decent chunk of premium product.

Could receive PFS for steel mill or PFS for pellet plant at any time, will probably mostly be done by a third party, like the original environmental clearance application in 2011 if I recall correctly.

Plenty to look forward to in 2017 that's for sure.