Ann: Request for Extension of Voluntary Suspension, page-2

I predict this is the last STA extension of suspension. Losing at least $5M per month based on Loan drawdowns, ~$40M after fees from Tanzanian sale but that won;t be approved possibly by end July so STA need another $10M cash infusion by mid July. Creditors will have the MSP plant test numbers to considerably then and now have security over the Tanzanian $40M that JP swapped for a $750k bonus.

I expect creditors to pull the pin on administration and re-sale of Coburn by early July and see who is interested while keeping the pant running for July. If no buyers (STA on-market placement or other industry players) are interested in Coburn as a going concern, then close it down into C&M and have administrators sell it as a suspended operation. It needs both a recap for MSP and other works that have been piling up (plus accrued rehab that is being left undone I'm certain) plus considerable working cap to buy time for the MSP etc recap improvements plus HMC sales pause while premium product stock are built into shipping volumes etc.

In short, after 6 months of the new mine plan running full tilt, the MSP tested for future performance/costs/risks, the mine running cashflow negative, mineral sand prices falling, and the creditors now in control of $40M cash from Tanzania sale... it's almost time for creditors to take their losses and move on.

AIMHO.. hope I'm wrong, GLTAH