Ann: Results of Annual General Meeting , page-3

Always appreciate your posts SJB

Two points impressed from the AGM

1. 74% of the value of Milo is in their REE
2. We need a JV for Milo to fund a Bank feasability Study which IMO will fund further drilling to expand the ore body. Management appear to favour the NW extension due I think to REE grades in their soil sampling and that REE is where the real value of the project is, not copper. Obviously if you double the size of the ore body the whole project just becomes more viable and as it appears to be open in just about every direction, it seems certain to increase with any further drilling activity.

Whether or not a JV comes in time to save our options I think is unlikely given the company's history in delivering timely results(often out of their control).

It is possible that something might come out of left field from the PPC JV or even the gold tenements BUT IMO we would need to be very lucky.

In the longer term the company has a base case mine and needs to get out and SELL the concept to a JV partner with deep pockets. As you know from your spreadsheet there are about 6 or more variables and one can argue all day long about what levels these should be set at to prove a case one way or another but IMO all you have to do is convince a JV partner with deep pockets to take it on.

Lets hope they can do that asap.