Ann: Extension of SPP CLosing Date, page-88

Key issues are Sandstone being so remote that toll-milling will be not possible. And that the existing mill belonging to MDI now is quite old and not suitable for hard rock. Needs upgrading. AME seems to hold the more interesting tenements. Old resources have a very steep dip and are very deep. They are not economic so probably irrelevant. So the question is what is the potential to find economic reserves on both companies' properties and what existing resources can be converted into reserves? To me the MDI price does not seem very stable and so the bid may be opportunistic. On the other hand (re-)combining the assets makes sense. And it still is a long way going into production. I am no expert on these companies, I just have not followed exploration progress there. While much more expensive I do like AAR way better. John is doing a good job in advancing the projects very slowly, getting capital when needed, using WA exploration funding and is located in a key location where he will have no problem using toll-milling. More expensive for a reason.