Ann: Quarterly Activities and Cash Flow Report 30, page-2

re: Ann: Quarterly Activities and Cash Flow R... oh dear god.

Pre-production mechanical commissioning (cold commissioning) is expected to be concluded during August.

Hot commissioning and production trials can be scheduled following cold commissioning, and will depend on the procurement of sufficient commissioning feedstock and the supply of a furnace inner refractory liner.

Hazelwood has procured the first consignment of feedstock from an operating mine in Central Asia. The material is expected to be ready for shipment during August.

despite SOME extensions to the delivery schedule

The Joint Venture parties are assessing the seasonal fluctuations in the ferrotungsten price to determine the appropriate timing for the purchase of the inner refractory liner.

At present, negotiations for Hazelwood's acquisition of an 80% ownership of ATC have been suspended, in lieu of reaching agreement on variations to the Joint Venture Agreement.

The delivery schedule for the DFS is presently being reviewed due to the allocation of funds to the newly completed ATC Ferrotungsten Project.