Ann: Quarterly Activities & Cashflow Report , page-5

When are management going to provide some tangible concrete detail to these reports? at 2500 tons this suggests the dry plant was dormant for 95% of the qtr assuming the 200k capacity projection! Shareholders need to know why this is the case with the details to be able to form educated decisions in respect to their holdings. We need to know what the problems are, why they are taking so long to address, what they are costing (ex missed opportunity costs) and are they ultimately rectifiable?

It does not surprise that there has been no new offtakes won as the company needs to prove it is can produce and do so consistently which it is far from doing at present.

Assuming the Vijay JV goes through and money is forthcoming (without much further delay) they need to take control of the dry production plant and expedite the wet plant delivery as the rainy season is around the corner which will provide for further excuses for poor production. Also Indian ore production will be on the increase in 12 months time which will only make offtakes harder to achieve.

I see potential in the stock but struggle to see a catalyst for the next 3 months. Beyond this the sp will be governed by the impact Vijay has on production and this needs to be marked and soon.