Ann: Erdenet to Ovoot Rail Update, page-15

Hi Guys

I think people are missing the bigger picture here, Mongolian government have all but approved rail and asked that the capacity be able to take on / guarantee a greater load . The study also hasn't factored in additional rail tariffs for the larger volumes of goods.

"Study has not assumed any benefit from transit freight volumes"

Company is aiming to wrap up the remaining conditions by the June quarter and each of these items are major milestones for the project and the company.

As others have said here this is a significant development in regards to the validity of the rail and demonstrates the commitment of all stakeholders to get this underway.

GL to All Holders

GB