Ann: Quarterly Activities Report, page-3

Probably the best update we have seen so far on Winchester magnesite project and Geolsec. It reads well, the ducks are getting aligned, I get the feeling that Winchester will eventually come through with the goods. Geolsec not sure but the testing progress by a potential buyer sounds positive. I've been in and out and in and out again of this stock over the past 5 years, and am only too well aware of not getting too excited about things, but the tenor of the Quarterly is giving me more confidence we could be on the home stretch. Winchester is the game changer for this company which would easily multibag on the financials. We await the updated PFS but the last one was a gem, and given strengthening magnesite prices since then this upcoming one should be a ripper. In the end though we need the sales to materialize

Interesting that the Quarterly states that that additional offtake arrangements are being progressed, Cant help but read into that that the 300,000tpa proposed deal with the Chinese may be in the bag sort of. But we have heard about additional offtakes being pursued before, so not yet putting too much weight on that statement. Hopefully the PFS will show that at the lower end ( base case 300,000tpa instead of the hoped for 500,000) its still is a real money earner. I would rather we get 60% of a lesser income than 100% of no income.

As I have said before, the real signal to get excited is when (if) Wang, the middleman, completes his placement at 4c. That will tell you its game on, as its above the prevailing share price . I am loaded already, but if Wang follows through and completes the placement I will be back buying more in an instant due the potential to seriously multibag. I also like the fact that offtakes are tied in with an equity investment. The PFS will provide the impetus in this regard assuming its as good if not better than the last one. If I recall, the previous Capex figure was something like $4 million. Its pocket money for the Chinese consortium that KOR has been negotiating with.