Ann: Quarterly Activities Report and Appendix 5B , page-10

re: Ann: Quarterly Activities Report and Appe... Hey Tri,

I think they are definitely going to flip the asset and retain some exposure to the upside but reduce any ongoing capital commitments to get it up and running. This could be a trade sale or an IPO. I'm starting to lean a bit towards an IPO possibly in London or Hong Kong but anything is possible and is just my heresay. There is no way i can imagine CFE taking on the whole project themselves.

From what i have been led to believe , each of the possible suitors to marampa is awaiting the next JORC upgrade before deciding their next step and that several are very interested but unable to make any commitment until this step is complete. They would also be more likely to make an offer once the environmental approvals are dealt with, which could be even longer.

I think the JORC update will take around another month but its possible and likely that it will be released to the suitors before the market IMO. Thus its possible that the sale and JORC update could go hand in hand, or at least expediate any potential IPO listing.

I don't think i've ever seen TS not buzzing, but recently he always keeps mentioning "3" world class iron ore deposits and i believe we will be surprised to the upside on both kukuna and sandenia and it won't be long before they take over the bulk discussion and newsflow - once that is marampa gets sold.

Kasper