d tree west 170mt phosphate tenement granted, page-6

I believe proposed float day is 22 August or thereabouts?

However I have been informed that the IPO has closed heavily oversubscribed today.

Having said that, I have aso heard that some lucky public applicants have got at least partial allocations to achieve the spread.

I still think in this market there will be plenty of stag sellers which will create an opportunity to buy on listing.

Given who has been involved (ex-WMC), relationship to the Legend project, small number of shares on issue, size of deposit, JORC status, resource upside AND proven beneficiation, I think this is good value under $1... BUT I need to stress that I believe it will require a hold of at least 12-24 months to guarantee full value reflected in SP.

Good opportunity to buy but don't expect a quick turnaround profit.

Key short term catalysts: Resource upgrades in size and to indicated status - this shouldn't take too long given the current JORC inferred status of the deposit.

Medium term - watch out for the deal with Legend!! This lil sleeper could be the next phosphate producer if the stars align. As usual DYOR and high risk high reward!