Ann: Despatch of Letters to Shareholders, page-12

Bogun,

ABM has an option to buy Coyote outright - Were you aware of that?

You speak with such confidence, I really would have thought you'd have known that.

Why ABM have chosen to not exercise that option, well that is a question for Management. I would consider there is a reliable rationale for that, given (we assume) they have a reasonable grasp of how to measure a projects economics.

Please explain the logic that ABM have "rushed" into production? On my last check its taken them 5 years?

Wet season is part and parcel of operating in that district, you don't think management understands the wet?

On your last point I agree, but it wont be for a bargain - It will be for a significant premium because ABM control most of the optionality (inc Hyperion) around a postage stamp package of tenements owned by TAM (CTP) and have the ability to add value via the drill-bit to it.