sam byrne from patts

After speaking with Sam a client adviser from Patersons on Friday, I thought I would share some of the topics of our conversation.

- Was told he spoke with WR on Wednesday and Patersons have regular contact.

- The placement was taken up by international investors (we already knew this) due to there being no interest from local investment organisations. Just like FMG!

- The only market sensitive announcement expected over upcoming months is the resource upgrade. He also mentioned WR believes there "wont be any problem" (his words) confirming 100MT of DSO.

- He noticeably wouldnt comment on bot trading and the capping that appeared to be taking place now and prior to the capitol raising.

- Said Paterson believed the beneficiated detrital was a given and costs were the only issue to be confirmed. Sam said that WR believed beneficiation should cost closer to $4 than $5 (cheap due to lack of clay at Marillana) which confirms what westcott has previously mentioned.

- Impurities wouldnt be an issue but acknowledged the broader market still wanted confirmation of this. He reiterated that beneficiation techniques would continue but more to define the cheapest method with the best results (not to prove impurity levels etc)

- Pats believe the next major hurdle for BRM is a train deal. Sam said they would immediately change their recommendation to BUY if a deal was made. FMG was a given but not the companies choice at this stage.

- Pats were confident the NWIOA would sort out port facilities in due course and that train access was a much more critical issue at this stage.

Think Ive covered most of what was part of our conversation. Most things we know already but thought Id post anyway. Im still expecting a bright future and whilst most of the market craps itself companies like Brockman look even better! Looking forward to the placement and the upgrade. Lets hope for some more DSO!

Cheers

ant1