Ann: Investor Presentation , page-3

I feel sorry for you guys watching the value of your investment steadily deteriorate while being supplied with limited updates which IMO lack meaningful detail. The presentation today still leaves a lot of questions;

Slide 4 – Production target of 3 Mtpa at 60% Fe but what is the mine life (reserve)?

Slide 8 – is the entire product sold into the offtake and what are the general terms. What was the actual grade exported?

Slide 9 – what is the reserve or at least what is the resource within the planned pits?

Slide 10 – there is no hard data provided to support any of these statements.

Slide 11 – no resource is provided within the pit designs, only outside.

Slide 14 – What is the current cash cost?

IMO this general information would only benefit shareholders of an earthmoving or shipping contractor. Personally I would expect much more to meet the standards of the JORC code noting Slide 2 “Investors should be aware that as an Australian company with securities listed on ASX, WDR is subject to Australian disclosure requirements and standards, including the continuous disclosure requirements of the Corporations Act and the ASX. Investors should also note that it is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the JORC Code.”

The quarterly report was IMO equally lacking in detail and is difficult to reconcile as there is very little actual (or forecast) grade and cost data. The cash flow report indicates that the operation is breakeven before development capital. They report receipts of $31.6 million and based on the disclosed revenue of $105/t they would have had sales of 301,100 dry tonnes although only 276,999 wet tonnes were shipped. Even the payment of $7.9m made to director related entities in section 1.25 is much larger than the number reported in 1.23.

As an interested observer sitting on the sideline, I continue to struggle comprehending this mining operation.