Ann: MOU with Chinese Investor , page-23

I am as pleased as anyone that there is now evidence that the Chinese have recognised the potential value of the PDY/ AGU JV. I bought the other day at 1.1c and sold at 1.7c today, bought again at 1.5c & sold at 1.6c to put it into AGU. who hasn't followed in the hype of PDY.

I understand that they are "funding" PDY by getting their shares, so it would appear that AGU may need some assistance down the track also, even though they seem to have sufficient cash for the short term. But, it is a 70/30 JV, and AGU, in relation to PDY, seems to be better value to me.

I look forward positively to the next month, where we might see sps of 4c (PDY) and say 7c (AGU).

Despite my joy at trading activity today, I'm not so certain as to the directors' motivation though. Did they "push" this deal out cheaper than what they had envisaged, at this time, in an attempt to justify that shareholders stay faithful to them, rather than supporting DM? The answer to that question depends on the colour of your eyes more than anything else!

Whatever the case, it now seems that the directors should succeed in meeting their target of having a JORC by year's end.