Ann: ASIC Form 484 - Cancellation of Shares, page-25

The AGM presentation in Nov stated they were producing 4 tons of pure mag, 60 tons of semi coke and 6 tons of tar oil per day. Mag is trading at US$2,400 per ton, Semi Coke US $200 per ton and Tar Oil - no idea....anyone? Based on these numbers and excluding tar oil the income should be about $8 mil pa - no idea of what margin they are making. Based on the September quarterly and the AGM production numbers the next quarterly could surprise to the upside - well I hope so.. At the current market cap of just under $9 mil they don't need to shoot the lights out to represent good value... The local Chinese investors certainly were convinced of the value when they bought in at much higher levels to current price - and they ain't dumb.... Holding until the next quarterly - end of Jan and may even to up if GMC drops his price