Ann: WMRC Project Update - Biological Ramp-up Phase Completed, page-25

To be honest I don't look at ANQ's share price movement/volumes etc. ANQ's market cap is too small and its trading is too illiquid to attract interest from listed fund managers, therefore share buying and selling will be dominated by insiders or penny stock speculators. Sentiment can change daily and walls can appear and disappear almost as quickly.

My views are as follows:

- Technology works technically, this was proven 6 years ago in 2009 during Stage 1 when a full-scale commercial vessel and MRF was constructed and operated for 6 months and signed-off by SKM. So market announcements of gas production, biology etc etc being proven aren't going to set the investor world on fire.

- As only a single vessel was constructed during Stage 1, commercial viability could only be modelled. So the market has been waiting to see a 3 vessel Stage 2 plant operating to validate commercial performance. Hence announcing 6300tonnes processed in a 12 month period and a MRF operating at 55% capacity leaves the project well short of the commercial validation needed to have a "marketable" product for ANQ to sell (and raises the real question as to why the plant is not able to process at 100% capacity by now, especially as the MRF was not part of the rectification works).
- On top of this you have a pre-revenue company incurring debts on a stagnant share price raising the obvious question as to who will fund the repayment of the debts and on top of that, fund the growth once/if commercial validation occurs.