Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-4

I’m slightly wary of another exploration project. It’s either a genuine opportunity or may be a sign there are issues with either KL or attracting a JV.
Long standing RWD holders don’t really want more scoping studies/ NT negotiations/ feasibility/low ball WA cap raises. I’m not sure more exploration will excite the market. And if the new project is the only way to demonstrate the new technology then we are years away from what we have been waiting for (for well over a decade).
KL is remote, the prospect of an easily accessible coastal salt operation must be in the minds of the board.
Exploration does not appear to be getting easier in WA. We do know from the Officer project that RWD will pull out relatively quickly if the results aren’t attractive.
I still think a JV with an established salt operation is the most attractive way forward.