Ann: Quarterly Activities Report, page-2

Great to see WKT not sitting on its hands waiting , Cam got the WKT cash balance at the end of the quarter of around $5 million wrong too , it's $6.41 million , Mining licence must be drop anytime now with pledges submitted and a new mine construction engineer appointed.

During the period under review the Company exercised its fixed price call option on 30% of Licence PL 9992/2014 which includes the Mining Reserve and subsequent Mining Licence application. This transaction represents significant value accretion to shareholders since the previously agreed payment amount of US$1m is multiples less than the current value of 30% of the Project.

Subsequent to the end of the Quarter, the Company has returned the new Integrity Pledge and Local Content submission and these are being reviewed. The Company remains frustrated at the slow rate of awarding a mining licence and this has been conveyed to all officials at all meetings. The Company has appointed an experienced Project Manager to oversee the mine development in Tanzania and China. Mr Eddie Byrnes is an engineer with extensive global experience at project and construction management.