Ann: Quarterly Activities Report and Appendix 5B, page-2

Hi Folks

I read the Quarterly with interest. The usual growing pains for a newly-commissioned Plant.

Sedgman continues to play 'pay-me-out' games, but that will fade away now that lawyers are involved.

I was at the plant during the week, and stopped outside the gate and watched dozens of 18-wheeler trucks exiting the facility and heading out with their loads. Unsure whether using the rail-head at Tarrago - just a few kms away - to drop-off their ZN/CU loads, or driving the extract to Sydney. Looked busy. Progress is being made here. Eye-balling the place gave me some comfort that my investment is sound.

GLTAH