Foxprime, page-5

Hi Slim

Good thoughts there mate. I thought the bore data was good too until i had further clarification. For some reason bores 8 and 17 took a month to release flow data and 21 took some 5 months . The new bores it seems are taking a similarly long time which makes me wonder if there is something that that concerns and worry but not released. The confirmation of flow rates for bore 21 came out only when i questioned it further where i asked the questions well before the quarterly and Tony asking me if that answered my question after the quarterly came out. Look it's not bad but not flash either. a flow rate of 12l/s is only .38 gl per yr - that doesnt seem a lot when put in that perspective.

Ah the reputation of a businessman. It's worth everything but yet nothing. I gather the company has its back against a wall to pay a large default penalty which means management was up the wall too. Something went wrong and it was 600k for a month of forebearance which was a sentence ( or two) in the quarterly report.

Ideally if reputation was on the line, there would be more of an explanation on what happened here and what are the CPs pending. But having said that management does have skin in the game. Something tells me the recent CR dilution of the management's stake was unexpected and unintentional but necessary - taking a step back though the CR earlier this year; not the most recent one - they made a decision to offer shares to wholesale and to themselves but not to the retail holders. It is what it is i guess , but are the interests of management truly aligned with the shareholders though? Your own judgement on that.

I gather the economics of the operation was based on SOP production, Slim ...maybe you can advise if the economics was based on 245kt of sop or a proportion of mop . if the latter ? any clues there on the proportion of mop used to fulfill nameplate capacity? Obviously the profit margins are different from self generated SOP as compared to MOP alteration to SOP

22mm of Carnallite will seem a bit low.