Ann: FYI Resumes Control of HPA Project, page-149

Well that is an interesting spin on the state of affairs, that Roly was in fact the astute businessman who hoodwinked Alcoa… yeah, righto, good one…

If the other part of your thesis, that HPA demand doesn’t hold up, then there will be a few other wannabes that are going to take this pretty hard with an MC of half a billion… At $30m for us, all I see is opportunity.

What I’d like to see is the recently announced ‘Small-scale production and demonstration facility’ (located at our site in Kwinana?) become THE plant. Could put this together for the planned $50m (one way or another)… and forget ‘our’ (read Alcoa’s?) plans of world domination. A boutique HPA business with a select clientele and we make $20m a year… With small number of shares on issue, we potentially rerate to $200m MC, and have a sustainable little Aussie home grown business…

There’s a plan B for you guys.

GLTH