Ann: Updated Corporate Presentation, page-3

Well said. Mike is for sure more cautious and dead honest. Some people want the blue sky to look at the fairies. The ubs report is pretty much rubbish when comparing apples within that table. They haven't gone thru every graphite company, they just take the numbers at face value and bang in the table. People have concern about our opex although it's the first real pass. 750usd is most certainly in the higher 1/4 although if mike can shave 20 to 30% off this, which feels doable, then all of a sudden we are back with a 5 handle opex type number which is very inline with what the rubbish is suggesting. Africa is not an easy postcode and most of the other projects have very difficult logistics. Nothing is perfect but we have everything going for us except the concern of a higher opex, and this can be improved. It's an unfortunate time with end of year tax selling, people pissed, people loosing faith, not liking new management style, worried about comparing numbers with peers, disappointed with timing of Pfs and other deals in the wind not eventuating. Hang in there