Ann: Quarterly Report 30 September 2014, page-32

Adriano - If you had read my post correctly you would notice that I said "2miloz stranded refractory ore body located in DR now being discussed - go figure - along with various other offers of ore from O/S." They did not say who it was nor at what state of development it was at. As for other potentials, they mentioned that there were many alternatives dotted around the world that were being looked at - not just this one. They are being approached by numerous parties screaming "Pick me. Pick me" - I suspect that they are spoiled for choice. We know that there are umpteen grillion ounces of stranded refractory ore located around the world - they just need to find an ore body that suits their needs. There is clearly a limit to what BJ can say in an open meeting thus the lack of detail.

Paul - Yes, BJ was there for once. I would also say that he came over as being particularly frank with his assessment of the situation - frank and optimistic about the future. We know that he has a lot of his own skin in the game and I suspect that the success of this plant is now an issue of personal pride. With the numbers that are being churned out of late I don't believe that a discussion surrounding whether the plant and the technology works is appropriate anymore - It clearly works though not as well as the pilot plant suggested that it might. I believe that where he goes wrong is being seen to be looking at expansion plans for the business before the LL plant is running smoothly - but then again, isn't that part of his job? He is very positive about all aspects of the refi as well as the possible chinese involvement. He is also very keen to get MB off of his back. Once that has been done (and let's face it, that could all happen in a blink of an eye now) then he would be without a job unless he looks to push a positive cash flow business into other areas.

I went into the meeting with a sense of unease and came out feeling clearer and more positive about time lines moving forward. Body language was good from all concerned. Good contribution from all board members - Brian didn't hog the talking stick all of the time!