Ann: Kasiya Optimisation Advances to Pilot Phase, page-6

I really like it. With RIO as a partner, all work processes and plans are perfectly optimized/coordinated and we are making rapid, step-by-step progress towards the DFS, which is due to begin in the fourth quarter. I hope that the price of raw materials will continue to rise and the scarcity of certain raw materials (e.g. rutile and graphite) could ensure that we can achieve a bombastic capital value and exceed the annual EBITDA of 415 million US dollars that we have already forecast.That should then also drive up a possible takeover price, which is why I am not hoping for a quick takeover and, as an investor, I prefer the conclusion and completion/publication of the DFS.