Ann: Corporate Presentation, page-68

Hi Scotty,

"Macquarie Walked", - you really are deluded or that over invested you cannot comment correctly on other stocks.

Macquarie Bank wanted a proportion of the HPA to be secured under a fixed price and have offered around a 8% interest rate for the US$90 mil, I am not sure how you can claim they walked. This will be exactly the same process Aloca will be trying to do with FYI's 2 pilot plants, they will want to confirm the JV can obtain offtake partners for the larger production facility, this is why each stage won't be approved unless it meets the Final Investment Decision.

ATC has obtained US$190 funding from KFW IPEX bank and Macquarie bank has offered US$90 mil subject to fixed price offtakes, the company has been working on securing these offtakes as part of the PFS in HPA coating.

FYI - I am sure most HPA plays could have obtained full funding for their projects if they gave away 65% of the project to a lender.