Ann: Shareholder Update-Newcastle Iron Recovery Project, page-5

For the purchase plan to be fully subscribed the share price needs to go back to 3c range which would make the purchase of shares issued at 0.006c impossible for any current holder to resist, why would u take part of the purchase plan when u can buy the shares at the same price online right now.... Don't know what they were thinking but a deal is necessary asap regardless if we get a full sibscription or not as I believe a deal will have another co overlooking our construction and completion into production phase which it is clear our management do not have these skills as proven over the years to take the company further than it is now.

Without someone overseeing this project and monies spent this team will continue to chew money and go around in circles, you just can't do something your not fit for, it's basic fact and we have seen that this team is not fit to finish this plant and take it to the next phase as again I stress it has been proven over the years and years they've been tryingwith no end and no result...