Ann: Release of Securities from Voluntary Escrow, page-86

I specifically mentioned the register fully diluted. I also acknowledged cash from the conversions of the options. You however are not factoring in the possibility of a future raise, even with options in the money. I wasn't including the OA's, either.

It will change company fundamentals which I clearly noted. I said the value proposition wasn't as attractive as it was sub 1c, and there's currently better value out there.

Valuation is all apart of the risk equation. You think if valuation rises, risk....decreases? In the spec market?! Strongly disagree.



I think it's incredibly naive to not factor in in the PR's into current/future valuations. Your average Commsec punter would ignore this but insto's and pro's wouldn't.

160m shares for "350,000,000 tonnes at a minimum of 5% THM". As far as I can tell, no stipulations regarding favourable mineral assemblages.

320m shares are issued for a SS showing positive economics. Are "positive economics" defined anywhere? If you operate at 3% margins, is that positive? What about mining at higher margins, but capex will be $250m? I'd want to read some sort of feasibility study before coughing up at these levels. I think it will definitely proceed to the PFS/DFS stage, otherwise the company are stuck with a project they deem to not even be worth further evaluating.

I don't think I'll be buying back, at least until the performance rights are issued with a SS so I can properly valuate the company. Who even knows what the sands market will be like in 6-12 months time when this eventuates?

This will be my last post here for a while. But seriously, no hard feelings. I hope it continues to go up for you all. Good luck.