Ann: Quarterly Activities & Cashflow Report, page-2

"Scoping study commenced on the Wonarah Project during the December Quarter. The scoping study
includes the review of existing data utilized in the Wonarah DFS completed a decade ago. Avenira will
also review DAP/MAP technology as a value added step in the processing options in parallel with the
option of utilising the Novophos technology. The company envisages reporting the outcomes of the study
over the next few months."

DSO - wasn't feasible in 2011 when rock price was $170 pt isn't feasible now at $75 pt
MAP/DAP plant - wasn't feasible in 2011 when DAP prices where $600 won't be feasible now with Dap at $380. Capital cost over $2bn.
IHP - according to the company doesn't work.

why are they bothering to do a scoping study? total disgrace....