Ann: Quarterly Activities Report, page-5

Happydad,

I’ve not been through it in detail yet but think you need to consider two other things. On the one hand the high inventory position at the end of the quarter, but on the other hand the pon has fallen quite a bit since, and could fall further.

I prefer to see WSA for it’s potential for a decade or so a few years out, rather than to view it for it’s current rather mediocre cash generation.

Still waiting for a better top up opportunity.

EL