ann out shareholder update, page-18

G64 - I had similar reservations when I read they had slowed the plant. However I think MT covered the reasons for slowing the plant down in the second to last Boardroom Radio podcast, which is probably worth taking the time to listen to again.

The quotes I took away were:

1. "the plant is performing better and producing higher quality product than we predicted. Its a great sign of things to come."

2. "The other thing to say is that when we say things are going very well, well it is, and we are producing a great product. But we want to ensure we continue to produce this ultra high grade synrutile in bulk, when we go to stage 2 leaching. That's the full scale leaching. So we have slowed the roasting rate down to about 280 kilos an hour. That will ensure that we continue to produce a superior synrutile product throughout the entire campaign."

I think the key term is 'bulk' in the second quote, which goes back to what Pommie was saying about wanting to stockpile material for stage 2.

Regards,
Fergus