Pellet Price, page-801

Hi Rocket, You've done a great job. I appreciate your work. You are doing the work that the directors should have done in the first place. It would have saved everyone a truck load of worry and work.

The directors have done a very poor job selling this resolution to the shareholders. The lack of disclosure and transparency made the resolution look like it may not pass muster.

The concerns that many have raised are still valid. You have addressed many of these, but the company hasn't. They need to do a release to the market clarifying at least the following:

1) the actual formula used i.e. what percentage MB and Platts
2) is there any premium or discount
3) what is the quotation period
4) the actual pellet premium used (is it the actual weekly premium for that week, or it it an average of the weekly for the previous year - the expert report is ambiguous on this point)
5) the penalties for below standard shipments (the expert report outlined that this was above market, so they need to detail if this is a potential issue, what percentage of cargoes are below spec? ).
6) tax advice regarding Transfer pricing (the Expert report specifically says they don't provide tax advice).
7) exactly what terms are less favorable to Grange
8) why is the term longer than the mining lease?

I think management and the employees of Grange do an outstanding job, and I love this company. It is one of my largest shareholdings.

Rocket I really appreciate your opinions and respect your views. We need the directors to clear up the mess they have created, so we can all rest easy. Until they do so, I will keep my vote as a NO (but am happy to change it if they clear this up).