Ann: June 2019 Quarterly Report, page-2

Pretty much as expected - exactly actually and it is why buyers are thin.

Focus is on rutile as development of Malingunde has hit a little slow spot with development progress - nothing wrong with that - it's just at that stage but something solid would be appreciated by the market - nothing conclusive on rail/port logistics which is well overdue and similar continued banter with the "numerous" tier 1 graphite purchase negotiations.

Probably remain exactly this way during this quarter with more positive rutile hand auger samples - awesome. Steady progress with DFS and project permitting throughout the quarter which both will hopefully see a big finish to the year - a big last quarter.

So - exciting times with rutile prospects and patience required for now re Malingunde - it's all coming together nicely.

Perhaps a large scale mining license issued in meantime will give great confidence.