Timis Mining News, page-11

Thanks for finding that article. News is surprisingly scarce to come by...

Re: the use of the $600MM to $1 B of funds, you will note in the article they talk in terms of a "Phase 2" which I understand to be an expansion of the Tonkili mine production volumes, which has been the plan since going into Phase 1 production. If true that Shandong has earmarked the cash for Phase 2, this is good news especially as I learned from another post to-day that Shandong already owns 122 MM shares (19.9%) of CFE. As you rightly point out Shandong could benefit from the higher grade ore from Marampa, which is highly prized (premium price to Tonkili) in Europe where Gerald Metals has been selling some of the 1.4 MM tonnes of Timis Marampa mine output since first Timis owned shipment in Dec-14. The Q1-15 CFE Royalty looks set to be about $3MM AUD as CFE forecast, being 1.2 MM tones for Q1-15 x $2USD per tonne x 1.30 FX = AUD $3.1MM.