Ann: Redmoor 2018 Resource Update, page-48

Quite negative, but I wouldn't expect any more from someone who thinks NAE "shouldn't be in my trading portfolio now". You have again blessed us with your negative views and failed to point out the positive factors, yet you continue to hold. Why is that?

"It's still effectively just under another 2 years until even a pre-feasibility study is completed."

Again you are taking things out of context to suit your negative view. The announcement states that the prefeasibility study is to be completed in 2019, it does not state December as the month its due, so on that basis I could come out and say it will be ready in 9 months, or Jan 2019 and be just as accurate...

Doesn't have quite the same impact though does it?

We also have a third and forth funding option to fund Redmoor progress 1.Using some of our 50% ownership as per JV contract 2.Sell off of Lochinvar asset.

So not just a CR or debt.

SML has a producing mine, they recently spent some funds on a new mining project, but have indicated that they do not see any reason they will need to raise more funds to progress their current projects, that they will have adequate funds from their producing asset.

Just investors with "punter money"? Well the top 20 has been increasing their holdings, with some new, large buyers (one sitting at 6mil newly purchased shares). So you are wrong there too. Stating things like "effectively trapped until a liquidity event occurs" is a nice attempt to stop new buyers... as though you know what the future holds?

I do agree though, the market is awaiting news on how the project will be funded, ie how Gary will hold onto it until production and how much we will be left with. Once this becomes even a little clearer I think we will see some proper moves... if we are allowed of course.