positive price action starting to emerge, page-7

The only thing AFR has derisked is its bank account.

There is NO project at Sese. The Government has been talking with no action for a long time. How much more time will it take? From the sale point of view it could be 18 months before anything, if anything at all happens, at Sese. Note the next $12 million from Quantum is 18 months away and that money will be spent on Sese project issues not on AFR.

So what does AFR have.

1. It may end up with 25% of Sese less repayment of funding costs, if the project is ever developed.

2. AFR is left with two other coal deposits in the south of Botswana which are some way from development if ever.

So where is AFR derisked? That $10 million or so in the bank is nice but watch how quickly it will be spent in one way or another. Directors will love looking at that bank account and will find nice ways to spend it. A pay increase will be good what do you recon?