Ann: Mt Carbine Quarry & MLs - Sale & Purchase Agreement Update, page-43

Here's my two bob on the extension.

1. Not getting a deal by the deadline - frustrating but not a hanging offence.

2. Russell getting an extension from Geoff.- Positive, he is still onboard. It shows Geoff hasn't got a 3rd party hanging around.

3. No timeframe on extension - again frustrating, but this is an advantage for Russell in his negotiations with funders. If funders know the deadline, then they can squeeze which means the shareholders are the ones that lose. Maybe those that are critical of the management, should think a little as to why this is dragging on. Maybe Russell is busting his a and is not wanting to sell the shareholders out by cutting a easy deal which gives away the "farm".

How hard would it be to raise $8m-16m of new equity ( I don't know the numbers this is a range guess). I think pretty easy given the potential, but we existing shareholders would be heavily diluted.

However, trying to get the finance as debt when interest rates are low, isn't as easy as any funders would be looking at the project and saying the UPSIDE is HUGE. We want a piece.

My reading is, Russell knows he has a world class asset and he's not going to give it away, but that might take some negotiations and time.

Patience is a virtue!!