T letter to Shareholders, page-250

First breakbulk ship is great outcome, saves millions, no more containers means:

• No need to buy, import, transport & fill bulk bags (expensive). Containers need bulk bags to carry mineral concentrates

• We are no longer held hostage to the global container oligopoly (Maersk, MSC, all the container shipping lines study screwing customers as a fine art), the worldwide container shipping crisis, the Tassie container imbalance, no more repositioning empty containers and demurrage costs

• Breakbulk means we go pretty much direct to the end customer's bulk port, no more mucking around transshipping in the Ports of Melbourne & Singapore. Avoid the monopolies & extortionary costs there. We get paid quicker.

• Often the destination break bulk port &/or ship unloading facility is owned by the customer. No middlemen.

• We are now the duopoly - triopoly price setter, simply a matter of phoning up the other 2 nickel mines in the South Pacific and sharing any empty passing break bulk boat. Unlike the few global container shipping lines, there are hundreds of breakbulk ship companies to choose from.

• With the shiploader owned by the Tassie govt via Tasrail, costs are / can be socialised by the taxpayer, from experience govt will put politics above profit & the govt wants Avebury to succeed. Albeit longer term to get royalties whenever we can afford to pay them!