Ann: Quarterly Activities Report and Appendix 5B , page-9

re: Ann: Quarterly Activities Report and Appe... My bets are on IPO with CFE to retain 25%. Tony has on numurous occasions mentioned cash flow of $300 million this financial year. Therefore, raise $400 thourgh IPO, pay us $300 and $100 million for further drilling and studies.

Values new Marampa company(and cash) at $533.33 million... CFE get $300 mllion plus 25% of 533 i.e $133.25 of equity.

Seems like a big ask but i think DMM/AKI was a test case and Tony will have a go at this probabaly at start of Sept quarter - if he doesn"t get an offer before then.

Would be a great result either way for shareholders.