Ann: Corporate Presentation, page-9

Remember NAIF is still finance but an infinitely more agreeable lender than the likes of Taurus.

APC are talking about 35% NAIF finance on a $200M project with far less off-site infrastructure compared to RWD. What % could RWD be looking at given what we know about the NAIF deal with KLL?

I think slide 6 and the comparative distances to port raises some questions over some of the logistics costs quoted thus far. How can APC undercut SO4 ($56/T v $62/T)? Do either have a back haul deal (unrelated to carting MOP) like KLL??

RWD faces a $40/T logistics disadvantage to APC/SO4 but equally importantly a $90/T mine site disadvantage to AMN.

Presumably the AMN mine site operating advantage has resulted from cheaper power and wet harvesting. The latter must be reflected in their higher plant costs.

If RWD can improve on its logistics costs and mine site costs without a capital blow out they will look much more attractive, particularly against the MOP converters, APC & SO4.