Ann: Change of Director's Interest Notice x 2, page-27

Yes. Good points Sade.

Arguments for worse off:
* 10% investor walks away at a valuation of US$100m
* Unsuccessful attempts to capital raise during the 6 months of suspension until now
* Dilutionary capital raise to Tanah / Tanah walking away

Arguments for better off:
* Land lease done
* 100% ownership
* Offtake agreement and sourcing supply done / more advanced
* Rise in manganese prices
* Financing somewhat de-risked (though still waiting on the $4m)
* Political relationships in indonesia more established