Ann: Mineral Resource for Kwale North Dune deposit, page-30

Thanks again. The Iluka presentation is interesting. The market outlook continues to look positive for the next couple of years. It is also interesting to me that Iluka is looking to develop a a satellite deposit to its J-A operation. I don't know anything about this but may be Iluka thinks this, and combine with the Balranald project, offers better value than seeking to buy into the Thunderbird project.

And yes funding for BSE's Toliara project is an issue. I am hoping that shareholders will not have to dig into their pockets for another 12 months or so and hopefully the DFS when released later this year provides additional confidence leading to a boost in the share price ahead of any capital raising (which makes this source of funding less problematic).