Ann: Verdant Scheme - Updated Booklet 18 Apr2019, page-2

interesting verdant management have been holding on to this financial model very tightly and then had to be asked by the court to add to the report. These were the most Salient information in the report, the rest was complete waffle.

and what does it reveal, that on a million tonnes pa the operating expense is about 130 pt aud or about 94pt usd to produce 33% rock phos. Current price for rock phos is 100 usd pt so in current market basically no value.

many overseas producers making similar product for 50 to 60 usd pt.

no other buyers for verdant will come out of the woodwork in current market but in the future I am sure ammaroo could be a strategic phos producer. Very astute from CD capital.

Management have spent 13m in shareholder funds on progressing a project that needed a phos price of over 200 aud. Financials reveal most of this was on wages and corporate expenses.They should have been batting down the hatches rather than paying themselves big wages. At the end the purchase price sees lots of director options in the money.

disappointing for all shareholders, argubably management were negligent too.......