Ann: Trading Halt, page-10

Sorry to be spamming the thread this morning but one last thing regards the CR. The CR is associated with the good news of signed off-take agreements, I presume for the Zr rich non-mag con which was always a no brainer. Same premium Zr just requiring mineral separation overseas instead of Derby. Lower cost processing overseas, plus we now get monazite credits where BFSU had the monazite return to the tailings and pit. Lower prices for a non-mag con but much lower capex and even opex.

CR are usually done with some good news carrot dangled 'off the record' to brokers to get their clients over the line. Some results or news event that will follow-up the placement and give brokers confidence they will be well in thew black. IHC Robbins work on the ilmenite product was extended into the third quarter, when in reality I think the results were well enough known before the end of June. Refining a process usually doesn;t change the outcome much. I reckon this off-take good news will be followed up not long after by ilmenite product improvement news, probably the real reason insiders were buying up strongly into a pretty ho-hum off-take agreement. Time will tell...

Good Luck