Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-14

Good thoughts from all here

I for one am pleased to see them forking out from their own pockets. I had a massive issue with the total lack of this from previous management and made that clear.

The new CEO seems to have his head screwed on and the COO seems like a dream appointment having come from one of Europe's largest potash consumers, manufacturing fertiliser. If that doesn't bring connections I don't know what does.

I didn't expect much in this quarterly on progress as the CEO just got his feet under the desk and the COO is 3 weeks into the job. I am buoyed buy the reduced cost expectations of progression than when Ian was chairman and acting... My read back then was we needed 20m to take this through studies and environmental permitting. I'm sure we will need more than we have

I did expect another CR, however will need to see the new plan before I estimate what and when. The relatively small raise vs my expectations has me thinking they've a measure of confidence that they can improve share price in the medium term before begging more, therefore reducing dilution

Options....



About 1/3 expire next week and no way they will be exercised. Another 1/3 in July and unless we see 6x gain back to where we were last April, they will go too. I'd wager we will see no material benefit from options this year, unless we're back into 8-12c

Not impossible, I did think we're a good way below fair value, but we need a plan, timelines met, greater clarity around upcoming costs, and a ruthless leadership focussed on delivering value

Regarding cash burn, I don't think previous quarters will be a great display of the future, so many variables with reduced staff, no drilling, changing consultant numbers and purpose, etc. Good estimates listed above on the assumptions we can make at the moment