quarterly cash flow update, page-8

I would not place hope for a Chinese cash injection until the JV is firmly established.

The process could take 12 months or even longer based on past attempts farm off a JV entity.

CTO management have had several "JV discussions" in the past with various 3rd parties that never materialised into a commercial deal. I wouldn't place any reliance on the MOU progressing to a signed JV until it actually happens.

Herr Director & family don't want to give away too much & risk losing their controlling intersts which of course have diluted along with the rest of our holdings. That could well have been the conundrum of past to farm off sucessfully & a possible show stopper for future 3rd party investment.