Ann: First Quarter Cashflow Report , page-7

I'm a bit dubious of matching sold production and revenue to calculate an average sale price.

Yes I considered that too and tried to ask the company about it but they didn't return my call or answer my e-mail so I gave up.

But I figured that since they are at semi-stable production it should be roughly accurate if you compare consecutive quarterlies, which I did last quarterly and got a figure of around $250 from memory. As you go to a long enough timescale the delay in payment should balance out.

Example: last quarter they sold 2942t which is much more than this quarter's 1930. So if some or all payments from last quarter were delayed and included in this quarterly report, it should actually give a HIGHER average value, right? Because some of the payments would have been for production figures higher than this quarter's production. So even the $380/t is, if anything, higher than the actual sale price.

So while you may be right about the individual quarter figure being slightly out I can't escape the conclusion that the average sale price for their vermiculite is somewhere around $250-350/t, and substantially lower than their production cost which is currently around $500-600/t.

And unless the company decides to actually answer shareholder enquiries I only have those numbers to go on.

Like I say we need to wait and see what the figures are at 30ktpa production but I don't think this company has time to spare in getting to that figure - any more delays will exhaust funds and force a further cap raising at a hopeless level of dilution.