Ann: Phase 3 Expansion Update, page-25

Good to see we are finally committing to expansion. However disappointing to see the dump into 1.3.

What happened to Xinhai... we were wedded to them for so long and now gone? They were meant to have finished design for plant at the end of last yr and now nothing. Obviously there are many reasons why this might be the case (like financial terms) but this seems odd. The implication of this is that now we have no clear finance up to 2.5mt like we were trying to organise through xinhai, presumably.

Anyway, with exp now underway, and revenue likely to improve, quarter on quarter, happy to wait this out until H1 2019. Also a potential ann to look out for, will be the design and ordering of plant being actioned and improved specs being made available to the market.