Ann: Revised Kopex Repayment Terms, page-6

Leng, you've been making the same call every year but continue to stick around like a sour lover stalking an ex. I'm fairly confident you will be proven wrong, you might even be surprised to see things play out as TCM is mapped for production. Also so note, Thermal Coal is forecast to rise incrementally over next few years which will coincide well as we gear up for production.

But honestly, if this was going into administration why would you continue to hold? I would be getting out asap if I thought such things. I'm always happy to crystallise if there is a legitimate reason.

The way I see it there is plenty of value to be had from here. We are at the bottom of the cycle for thermal coal. The last 5 years has obliterated most coal juniors, some even shut down but the tide is slowly turning. PZC has weathered the storm and done what is necessary to be ready for a bounce.

If you understand the fundamentals, we're actually well positioned compared to most other junior Coal plays. We aren't burning through cash, finance is established, makes you wonder why the last raising was oversubscribed.

PZC is attractive because of its logistics, quality and size of resource. There is a 30 year mine life ready to roll and I'm pretty sure we will be the ones to dig it up. Worse case scenario for me would be a T/O at a low ball price. There are multiple options, but I'm betting we will prob get an off take agreement or MOU which leads us into production.

Anyways, let us see how it all plays out. I'm sure you will have ample time to offload your shares between now and this apparent administration you speak of.