Ann: Quarterly Activities Report and Appendix 5B, page-31

I was very pleased to sit in on the Investor briefing. I am not an expert on mining - especially rare earth production, but I have been involved in enough board meetings and senior management meetings to have a fair idea when people are floundering, bulls--ing, or generally incompetent. This seems like a very competent, conservative Board and senior management.

They were able to outline credible and advanced negotiations re funding and off takes to bring Arafura into profitable production. Nothing is ever certain in arranging funding for a complex operation such as this, but it does seem as though it is very likely that in a few months time there will be announcements about funding to bring about a very different attitude to Arafura and its share price.

Wish I had more spare cash to invest here at what seems to be a crazy low p[rice.