Ann: Update on Senior Financing Facility, page-39

Fully disagree to your first part!!

1. We need to be able to collect as much cash as possible. Agree? Yes? So we need an immediate 20mn invest for a cobalt plant which would been paid back within a year!! And the following years the cobaltproduction will help us collect min. more than 30mn freecash to make the repayments on debottle debts each year!!

2. Calculation: a production of 1kt/year we would generate over 50mn$ of which about 30mn/year is net cash/profit (and 20mn production costs)!! And later on we are also able to expand to 2kt/yr easily.. and if so we would have just more than 40mn net cash just out from cobalt/year!!

3. That's why a cobalt investment is imminent and should be designed asap!!