WestcottI would say it is the latter. The total cost was about...

Westcott

I would say it is the latter. The total cost was about $6 million total without going back to read the announcement again. But DYOR just in case.

The beauty of the second mine deal is that we have started mining it before we have even paid for it in full. From memeory the final payment is due in March. So 3 months of mining and then we pay for it through profits from the sale of the first offtake.

And the offtake agreement allows us to draw down the funds now not just when the ore has been shipped and landed in China.

Westcott, with all due respect, I do not believe that you have given the CURRENT management team enough credit for what they have achieved.

1. They saw an opportunity in a fragmented market (your words) and have set about to take advantage of the confusion and disorganisation.
2. 2 mine contracts with DSO ore signed up within 6 months.
3. Offtake agreement for the first 200k tonnes paid with by an unconditional letter of credit.
4. Negotiations continuing for a 3rd site.
5. Mine site 2 commissioned and mining even though not yet fully paid for.
6. Ramp up of mining to 5 mtpa within 3 years.

I, for one am a happy shareholder and continue to hold.

Joe