Ann: Noosa Mining and Exploration Conference Pres, page-4

re: Ann: Noosa Mining and Exploration Confere... Interesting to note the increased production profile in this report. Previous guidance had indication 70,000 tonnes of chromite and 3700 tonnes of zircon- these are now 95000 and 5000.

It is very difficult to work out the product pricing, but have a look at the DFS for BSE- they assume zircon 2000-2500, Ilmenite 175-200 over the next few years. Who knows who much the spherichrome will go for, obviously some is already sold at the 500 mark, but if the distributors are any good, near I would expect 1000/tonne, particularly if it is difficult to secure zircon supply and with cost pressures making this attractive. Revenue could be anywhere up to 100million.

Am happy for the company to focus on successfully commissioning the plant and the distributors focussing on selling the product and establishing a client base for now though.