Hi Guys,Few notes from the AGM.1. Nagarjuna is a fantastic...

Hi Guys,

Few notes from the AGM.

1. Nagarjuna is a fantastic partner for us. They are one of the biggest phosphate Co's in India and India is the world's largest phosphate user/producer.

Nagarjuna has perfectly filled in Deepak's shoes and will assist us in many different ways and especially with the phosphoric acid production.

2. No one knows when Togo Govt will announce the outcome of the Tender.
Elections in Togo are over and the World Bank has recently concluded their full review of the tender process.
There's nothing now to stop the Govt from announcing the result. We are expecting news in a short term. It can come tomorrow or next week.

The new partner has considerably strengthen our tender.

It was Balamara who suggested a split of the tenement into 3 parts to stop the stalemate.

It makes no difference if we get the whole or one third of the resource as the NPV is the same.
The only diff is that the mine life would go down from 300 years to 100 years. Whoopie Doo!

3. The Co is in ADVANCED negotiations with regards to offloading our Balkan and other assets. Again, no exact time frame was given but it looks imminent and in the short term.

4. Nowa Ruda. we are making fantastic progress in Poland. The drilling has commenced. Kevin our geo was at the AGM but he is flying back to Poland shortly to supervise digitalisation of thousands of pages of docs.
With a bit of luck we should get the JORC by March.

Derek is in Poland where he is kicking goals especially on the project financing options.

I also overheard that we might be putting on another drilling rig to speed things up.
We are already working on the mining license.

It's very clear that Nowa Ruda is a very exciting and possibly very lucrative project for our Co so the boys are going hell for leather to get it into production ASAP.

That's pretty much it.
If I remember anything else I'll let you know.

Cheers.