Ann: Gulf Operational Update, page-23

I agree. The people involved in this project know what they are doing in when it comes to manganese, I don't doubt their skills and experience, nor the demand for this high quality product (battery demand will only increase). Since overcoming the issue raised with the cornerstone investor, who in my opinion was an opportunist and got to greedy, the management have pulled it back on track and going full steam ahead. There are risks but there is lots of upside too. I can understand why they chose the cornerstone investor, and why they kept giving him some extra time, but unfortunately they waited far too long. All of this is now behind us, and dwelling on the past doesn't change the future, which is the smelter will be operating by the end of the year. And I'm sure everyone is working towards achieving that timeline.

Again, considering it was at 4.2c in December with nothing in place, and we are at 0.8c today with lots in place, even with the dilution, it is extremely good buy opportunity.

Just a note on battery demand, I saw the Premier of Victoria announcing they will be using some batteries in their energy plan, first SA, now Victora, I'm sure more will follow. Demand is not going to lessen.