Ann: Half Year Accounts , page-4

Hi PS

There could be some more downside. The balance of the report had a some other important points:

- they've been able to retool plant design to improve cost and feasibility
- private tests of the Namphos product by commercial entities led to commitments of Intent to purchase equivalent to the first year's production. Our product is fit for purpose with a ready market.
- due to delays in approvals they now anticipate commencing construction in July this year, 2 years construction with first commercial product in 3rd quarter 2015 - a year or two further down the track than looked likely prior to the corporate battle with MAK and the political issues in Namibia.

If they meet the July 2013 commencement then I expect we would see a big fundraising campaign sometime in the Apr-June quarter. Tat may have a depressive effect.