Ann: NTU Hallgarten and Company Coverage Update, page-31

I take all reports with a pinch of salt specially when it involves projections where revenue is based of opinions of future product prices. And you know what they say about opinions.

So IMO with the exception of FY18 results which short of unforeseen circumstances should fall in the target range the FY19 & FY20 projections are out due to DyO prices used being out of my expected range. My belief is that DyO will be trading above Hallgarten's predicted price and expect DyO to trade in the $350/kg range for 2019 while in 2020 to move to into the $500/kg range and made my investment to reflect that.