China to auction Fanya APT stocks in mid-September, page-29

Tpcs

Need to clarify a couple of observations you made.

There was always a royalty payment to the lease owner. This had been disclosed when we were III and CNQ.

The major problem the company ran into was trying to restart this mine based on an "öily rag" budget. Not having ownership of the head lease and not having the quarry for cashflow. Then the tungsten price dropped and they had no option but to close it up.

The opening of the lithium option was undertaken when they couldn't get a deal with the head lease owner and there was a real prospect of no Mt Carbine. They had been trying to buy it when John Bishop was MD.

They haven't spent a fortune on Chile. The concessions were applications, not payments and they haven't undertaken extensive drilling. In fact the last update indicated they were getting a University to assist which will mean less costs.

Lithium will be a valuable option, once the price increases and they establish that there is something worth mining.

Junior miners are more about potential and risk taking. Sometimes it works sometimes it doesn't. Sometimes you don't have all the facts when looking at the future.

You could say it's the same approach to investing in this area.

I bought at 17c. If I had said that's it, it's a shit company but I'm not going to sell until it gets back to 17c then I would be underwater.

However I have continually assessed the project, company, industry, market etc and have continue to chip away over 10 years. End result I'm back in front and the future looks better.

There are still plenty of risks. We are now moving to execution risk and the current price doesn't reflect the potential value of the business.

Now is the time we want good management to execute the strategy and I believe the JV with Cronimet provides us with the best opportunity.

Patience is a virtue.