Ann: Quarterly Activities Report, page-3

Encouraging progress, but slow:
"Cliff Lawrenson, Managing Director of Minemakers commented “We are pleased that JDCP has demonstrated that the IHP technology can produce phosphoric acid in a standard hydrator and that critical parameters to the validation of the process are now established. We support JDCP’s current decision to focus on engineering and optimising toward higher production scaling and the reshaping of its workforce to efficiently drive commercial optimisation and design. As a consequence of these actions, we are of the view that the commercial application of the IHP process at Wonarah is likely to be pushed out further in time than we had anticipated. We will continue to work closely with JDCP to progress IHP and we will keep the market informed of further developments. Separately, and especially in the light of the extended timing of the IHP process, the Company is actively exploring shorter term opportunities within the resources sector that are capable of providing nearer term value accretion to Minemakers. We will keep the market informed if and when an opportunity presents.”