90% achieved, page-8

Garggs, the rerating could be brought on by a few things IMHO :

- Drill results of the Ammaroo phosphate project, beginning of next year
- Confirmation of the 1million tonnes by the inclusion of Ammaroo project into Barrow Creek 1
- Full feasibility study of the phosphate project
- Funding / JV of the phosphate project
- More investor interest after the visit last week
- by end of November, tender a proposal to RUM for the requirements, costing and timing of a Prefeasibility Study (PFS) at Karinga Potash Project
-Karinga Lakes in first quarter 2014 to assess viability and collect samples as part of PFS.
- further ann about JV with Toro
- interest in other potash projects by China
- Increase In share ownership by Washington H Soul Pattinson and Co Ltd
- Full takeover
- and a few I have not thought of.

TFP