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

Really just want to see some progress on actual development commencing to loosen my wallet - the obvious one being the bulk sample, the permit for which was long delayed and for which they eventually received approval in May 2016 with the following statement released:

These permits allow Atrum to begin mining activities at Groundhog designed to extract a bulk sample of up to 100,000 tonnes of anthracite from Groundhog North. The ultra-high grade lump and fine anthracite produced from the bulk sample are expected to be sold to customers for trials in blast furnace and sinter plants, with the potential to provide a portion of the product for beneficiation for specialty industrial users. These customer trials are required to secure long-term offtake agreements for supply of Groundhog Ultra High Grade 10% ash anthracite.

Since then we have had the misadventure with Atlantic Carbon, board shenanigans etc but no substantive action on the bulk sample, with the focus in early 2017 seemingly switching to a small mine permit (250kt/y) without explanation and the last quarterly mentioning neither.

One of my significant holdings has probably an even worse record of following through on meeting timelines and poor communication so given the delays with ATU over the years it hasn't quite felt right to buy in, the vibe if you will. I understand that in a resource development project things chance regularly and are often out of the proponents hands but the lack of clear direction and progress (and lack of a CEO for however long its been) have been enough for me to hold off, to my benefit mind you. I still think its a great resource and will continue to watch and if things start progressing i'll jump in.