General discussion, page-203

The sentiment on the ground - and given the demographic and hard core Australia first attitude in the hinterlands - it is fair to say that the locals are fully behind Ardmore and nation building. The expectation is that the government will provide electorate endorsed support.

Our world class resources will eventually get the coverage and valuations that they deserve. Right now, hardly anything is factored in which means that the market is not anticipating the company taking control and processing the resource to value add. Historically, the company has been valued in excess of $100 million and that was during adverse market conditions. One thing is for sure, the sun is currently shining - and the stars have aligned - for Rock Phosphate and Potash assets.

I am un-blinkered and do not see any downside. Hence why l continue to accumulate. Looking in the rear vision mirror at Xmas will provide clarity to what l am saying. Mr Market will get visibility soon.