Ann: Presentation for Indaba, page-3

The most impressive thing in the report is the line up of talent in the management team. Simply no way they could/would assemble a team of this scale and experience unless they had a very high degree of confidence in converting the project to a profitable mine operation. There are still a number of unknowns about the end product, changes in capex/opex etc... but the direction of the company is now very clear and it's all about execution from now on. I tend to think the low RE commodity prices have worked in PEK's favour - sorting out the wheat from the chaff so to speak. As long as there is a market for what PEK produces, which will clearly be unique, more refined and lower cost to produce than what other RE hopefuls are offering, the future looks very bright imo. The next few announcements as alluded to by Rameez will be very telling!