Ann: Investor Presentation, page-5

Expectations is an increase in share price from current levels for a company with no significant debt to pay interest on. Lets imagine for a minute that we have a profitable plant and sales contract that is just getting over the line with regards to breaking even. If there was a debt that you had to pay interest on in todays climate of ever increasing interest rates it would be pretty hard to to move a share price. Lynas is a great example of dead duck debt is you would like a comparison. Now at NTU we have a low share price that will increase as the value of their held assets (i.e.. a plant coming online) increases. They will have a debt but it will be locked in and it won't be anywhere near the size of their entire market capitalisation.

This change in share price will make me a tidy profit.

Again, in contrast, at LYC there is a huge debt which will need to be refinanced and it will be at a higher interest rate. I'm guessing here I have a company that has a stable share price and a value add. In Lynas I have a company with a huge debt and a CEO who has a track record for cutting back and then selling out (and no mining experience). Wonder what the share price for that company is doing today after the market has digested it's Quarterly report? Hmmmmmm..... contrasting is fun isn't it?