Summary - in my words and in no way are 100% accurate or I am a...

Summary - in my words and in no way are 100% accurate or

I am a terrible note taker and as time was limited i got through probably half available questions. This is random order as i look at my notes.

First one 700k received quarter to date!

Chinese are in India for the remainder of the year to fine tune next plant. In particular rather than mirroring the existing plant as mentioned previously there is a possibility the next plant can have the same 200ktpa but be alot more efficient and subsequently given greater margin. BIG WIN

Export Credit Financing for the next plant is something the company is actively pursuing with Xinhai , this is in addition to already funded phase 3 plant funded by First Samuel - i asked after a series of other questions how the market could believe this given the capital raising in mid last year as well as option conversions , and in no uncertain terms was advised the plant will be ordered and operational in H2 2018. (I am happy now to wait for this... every $1.00 saved through efficiencies is $200,000 per annum or the equivalent of 3000T, )

No indication can be given on tonnage ,

The plant has run at nameplate- all three trains (industry speak i assume) have run, however they are continuing to utilise some wet feed from the monsoon which can effect the plants run rate. However all 3 shifts of 8 hours are all guns blazing.

I asked a-lot of questions about timelines and referred to announcements last year. In summary with feedback from Cedric and Jock, all announcements are run past the board , and at the time of announcements the belief is that they will occur, particularly as they were integrating elements of the plant , delays have occurred and delayed the schedule. He advised they were putting there hand up and accepting they missed targets.

He advised they had released a preliminary pre feasibility findings on the pellet plant. I am not quite sure that is true but i can be persuaded with the exact announcement to that effect if anyone knows,

I was asked why i had not brought along any positive questions re timelines being hit, i highlighted again that the story is fantastic and that clarity should be provided to ensure a holder can better make that judgement.

Re orders- NSL through maturing of relationship has been able to, whilst delayed ensure fair market pricing for it stock, and that through continuing deliveries to Minera as announced it has put us in a great position to drive home great deals with now three customers.

Plant has consistently hit 58-62 with returns greater. From my understanding of what was said, the lower grade the feed inputted reduces costs but certainly to hit higher grades better quality feed is required , but as customers take grades at different levels there is a balancing act as such . But quality is spot on.

NSL has not utilised Infinity feed for a while. And costs should hopefully will be in line with projections .


In summary , i think from what i could gather the stars are aligning albeit late. Certainly i can be a pest with questioning obvious answers re timelines, but i trust we will get better aligned timelines going forward.

I certainly believe management are in for the long haul given family relocations etc. It would no doubt be a challenging environment.

Certainly i see a more efficient plant coming online in 6 months, a growing customer base, committed management etc.

I certainly IMO would not be selling now given the positive future outlaid.

I wish i had spent more time chatting to them last year, particularly as i think they are genuinely hard working people. I don't think i will get an opportunity to discuss other stuff in more detail outside of this arena, but who knows

Sorry i missed alot of questions. but feel free to throw any my way in case i forgot. Apologies for lack of continuity.