Ann: Corporate Update, page-12

I tend to agree this is a stalling tactic. I mean to say that Tubatse is important when its 20.4m oz measured and inferred, but more important is our flagship Garatau which is 21.8 measured and inferred is a bit rich. Noting there is another 17m oz with H &D.

Put another way, 35cps for TO is good, but 65cps is BETTER!

So yes, proceed with appealing, and get Tubatse back, because its BOTH that we all bought into. We should all remember that if and when a price is forthcoming - particularly if G & DMR lose again, as that's 250m shares Z then don't have to pay for.

Here is the short email I received from Mr Li last night - memory loss re Southern farms or subtle way of saying we're focussed on G for now and T wont impact you as it will be private by then???

Dear Mr ......
Please refer to recent announcements re nkwe and answers for your questions there in principle.
I recalled in some degree that Zijin was aware of the disputes re southern farms before conclusion of the the deal Tranches with Nkwe.
all the best.

Zhilin Li (Abraham Li)
Managing Director
Nkwe Platinum Ltd