Ann: Sandpiper Project - Pilot Plant Progress , page-15

re: Ann: UCL: Sandpiper Project - Pilot Plant... Ashwil, at this point the jv is working towards debt financing on the back of expected offtake arrangements - the beneficiated product is suitable for direct application and I have been told is attracting interest from brazil for that use. At this early stage there is good reason for optimism that capital raising will be minimal.

If it were to be by a fair portion of capital raising UCL shouldn't have any trouble. I hold UCL and they have had no difficulty getting funding off the back of sandpiper over the last 3 years even at the worst of the gfc when no one could raise money. It's a desirable project to fund which will only improve with the release of the DFS early next year and UCL has a committed and very tight register with two holders, John kahletzer and MAK, holding 45+% between them. I expect both to participate in any necessary raisings to preserve their equity meaning nearly half will be covered immediately. So all up I am very confident that the JV will beat all the necessary finance to develop sandpiper, assuming the high level of confidence in the respective management teams is backed up by the DFS.