Guidance, page-6

I'm just thinking of how much product has supposedly been produced this year multiplied by ~$3000, plus any engineering... Surely the figure should be in excess of $30m but will it? Remember a lot of money from last year was received in January... This really needs to be kept separate and not factored in.

I hope we are all pleasantly surprised but sometimes I feel that we a thrown a bone. The first Chinese lake was given a $1m a month figure and then revised to be multifold. Then things got a little convoluted and they were going to only treat the inflows first before treating the lake; I'm not sure what to expect of this one now? Is it go or no, fast or slow, stop and check?

The only decent contract that appears to be locked in is Florida for $1.3m. Everything else seems quite vague, undecided and unsettled.

i can sense some great things coming in from Florida but the flooding there could ruin things a little I feel. Constant wash ins seem to reduce the effectiveness of Phoslock with additional nutrients continually replenishing the water bodies.

The directors selling, especially our Chinese friends is a big concern... They have made money already so stand to lose nothing. This combined with the falling SP just makes me feel like the risk here has increased.

This is just a small feel at the moment so I hope I am wrong. Hopefully these two new Chinese trials are positive and lead to a nice big multi-year contract and the upcoming report shines with targets met.

I am still a believer but I am also not blind to the negatives that poke through in the light.