Ann: Appendix 4D - Half Year Report , page-4

Company is performing well. One of few in the sector prepared to make any sort of outlook statement, expecting a consistent 2H2014 result. Good cost management being shown by GNG.

The tungsten and tin project in the UK will see a reasonable level of profitability through 2015 (assuming competent project management). Directors have good long term track record, not just in GNG but another company which eventually got swallowed up by Downer EDI, for memory.

GNG has 30 cents of cash on the balance sheet including the cash held as bonds with the banks, and no debt. If they convert some of the 10 current feasibility studies into EPC work, I'd anticipate a solid re-rating of the stock, particularly given the geographic diversity of its customers. All IMO .