TAW, page-2

Agreed, Nevm003, on the company-specific catalysts you have outlined, however, their impact on the SP is difficult to gauge in the current, volatile POIO environment.

Yes, increasing our DSO reserves (and quantifying them) will most likely happen around October-November. Hopefully, such an announcement will pique some interest in the market.

The lapsing of Wayne's 10 million Class D performance oppies (as per the performance criteria) indicates that the company still has some work to do with finalising the logistics solution. Tough negotiations that may drag on for a while.

Obviously, project finance is the biggie. There has been increased speculation in the private equity space of late. I read that private equity funds are bifurcating. Have a read of this article:- http://www.mining.com/mining-private-equity-is-being-fundamentally-transformed/

I didn't like the part about staying away from most bulk commodities like iron ore, but it all depends on the potential risk-adjusted returns. Strategic capital could be the way to go. Hopefully, Wayne can entice a large, PE cornerstone investor to jump on board. It will come down to the numbers. From a corp finance perspective, the project requires a positive NPV and decent IRR (min 25%).