Ann: Investor Presentation SA Exploration and Mining Conference, page-56

POSCO and a few others need supply as China reduces their exports and the ramifications of this will be felt by January/February.

There is no doubt that we can start exporting within 12 months if we secure an offtake, as the government loan only needs to tick this off.

The issue is the Koreans Japanese etc want to lock in and today's low prices and pushing RNU for it. RNU are holding off until new year which I believe will be better prices to lock in at.

Customers we have, customers willing to pay more than current prices is the problem. This will be solved early in the new year.