Ann: Offer of alternate funding, page-4

My take on the AGM was that they have become quite a confident board and although very excited are trying to remain composed about the Stockton acquisition in particular. The new deal is a preliminary insight into the future from interested "inside industry" parties running the ruler over BRL. Once all key milestones (refer p 21) are ticked off and there is some traction with the export strategy we may find some of the above revisit.

Even the Chinese seem to think HCC is likely to hold up during 2017 and may only see modest revision in current prices.

Although dilution was a negative the absolute price paid for Solid wasn't. On balance I don't think we could have expected a materially better deal at the time the deal was negotiated.

So a few thing working in BRLs favour. Would need to see a market wobble to get back below 5c as some seem to be waiting on.