Grant, keep trying. Sorry this reply did not come yesterday, it...

Grant,

keep trying. Sorry this reply did not come yesterday, it was a Friday evening.

Hansen and Picnic Tree deposit is 24,5% owned by BLR. BLR needs to pay $13,5m to own 100%. $4m to NZ Minerals and $9,5m to STB. Hansen has 39,4 million lbs. Picnic Tree has 3,15m pounds. 24,5% of this sum is 10,42m lbs that BLR owns.

Boyer Deposit. BLR holds the lease until 2017, assuming lease fees and variable royalties are paid and up to date. The lease can expire and someone else can pick it up. Boyer holds 22,6 million pounds. BLR does not own this property and will need to pay money to own it or even to develop it. Money BLR does not have. I was being generous saying BLR owns 24,5% of Boyer. BLR does not own 24,5% of Boyer, BLR only holds a short term lease.

Noah and NW Taylor properties. BLR only has an option on these until Nov 2016 and need to pay annual lease fees and variable royalties. The lease can expire and someone else pick it up. Noah has 7,76 million lbs. NW Taylor has 6,83 million lbs. Except BLR doesn’t own Noah or NW Taylor and will need to pay money. Again, I was being generous in saying BLR owned 24,5% of Noah and NW Taylor. BLR does not own 24,5% of Noah or NW Taylor properties, BLR only holds short term leases that expire soon.

The other properties are negligible.

The conclusion is BLR has no money to buy out other equity holders STB and NZM, no permits, no mill, does not equity own 90 million pounds but just over 10 million pounds, and basically has no hope except for WU. And the average grade of those HT properties is 600ppm, low grade properties with no vanadium with ore that can be used to blend with higher grade WU ore. But the real question is don’t you think STB and NZM would prefer to have Glasier in charge, driving the HT deposit into production rather than seeing the HT properties stalled and not developed? Because STB and NZM surely know BLR has a snowballs chance in hell of finding capital to pay them, let alone finding capital to develop the property once BLR pays the $13,5 million. And remember, that is US$ not A$. So spin the situation as positively or aggressively as you wish. BLR is out of cash, out of time, out of luck. Except WU saves BLR shareholders from potentially losing everything. So if you feel like gambling, Macau is a better place. But do not gamble with other shareholders investment in BLR. The outcome is binary.

Cait