Ann: Mallee Bull Update, page-17

Most of the cobalt stocks are BS as they’ll never extract the low grades on the dismal scales of their current prospects. For laterites (surface enriched deposits) you still need scale in my opinion a la Murrin Murrin, Cawse etc. Show me one small scale Co resource that really stands any chance. The Congo is where the bulk of the product comes from (don’t get me started on that topic) or as a by products from the mining of other mineral deposits. If you want to make money long term from this commodity you really have to find the real winning development play. I haven’t done the research on it as I’m not a big believer in the long term future of the technology metals. If you know the pick of the crop cobalt play let me know, I wouldn’t mind looking at it. Esh