Ann: Quarterly Activities Report and Appendix 5B, page-4

Overall the report is stock standard Cape Lambert smoke and mirrors with a vague suggestion that they have their missing money under control. The 'cheque is in the mail' style responses to basic questions regarding such a high value asset is deplorable. On the plus side, at least they are now admitting that rail contract was a reason behind the mine closure, a foreseeable (high) risk that was taken - still no idea what the force majeure event was - did a shed fall down or maybe they lost the keys.

Just had a quick review of the holdings in listed companies and there is not a lot of joy in there. The 17.1% interest in CXU is currently worth $8.16M which the only real shining light and would make up the majority of our current $11.28M.

This alone puts the rest of the market value $3.12M AUD. (Which includes assets of $8.7M in cash + $8M in load repayment due in 3 months)

What is of concern is that KPR (ownership value ~$1M) has entered Administration and there is worry on the forum about TS ripping off shareholders. Seems to a trail of destruction where ever our Tony goes.

We need
a) 'Show me the money' - when will we get our royalty payment - I am sick of Tonys wage dwindling the bank account.
b) When will production recommence? No timeline is available, it is short term, (1 - 3 months) medium (6 -12) or long term (12+ months).
c) European-lithum was scheduled to list 'in a few week' back in June, no further information appears to available for this. Have they decided against this or is it more hope with little delivery.
d) Are we doing anything to stop the cash burn? $22 million spent over the past 12 months on operating activities, we have $8.7M (with a last quarter burn of $2.4 Million) gives us between 6 - 12 months before the begging pan comes out to the market.

My prediction for anyone that cares - once the African Mineral axe swinging above the head has been removed we will shoot up to a realistic current value of about 5 - 6 c based on current assets. (Not pie in the sky promises)