MDL chart, page-4

Thanks Bung,

It certainly has turned a corner.

I guess with mining and heavy metal production both up from around 60% of feasibility study numbers in the 3rd quarter to over 80% in the 4th quarter and management now concentrating on a new mine plan to reduce turnarounds and target high grades and, of course, Norway back in action, that is not unexpected.

The drawn out ramp up might soon be a thing of the past. Hitting close to full capacity could be possible in the near future.

With Base Resources reporting a 40% rise in Illminite prices during 2016 and several hefty price increases in TiO2 reported during the year and more coming we can reasonably expect a substantial increase in positive cash flow this year.

We could be in for a very enjoyable ride.