Ann: Quarterly Activities and Cash Flow Report 31 December 2014, page-4

There were further qualification of what u said in the report.

" Prices seem to be stabilising however some traders predict a low of a further 5 to 10% down whereas others note the price is at about the bottom of the cycle. Analysts predict tungsten demand to continue to grow in the period 2014-1018 at a CAGR of 3.5% and coupled with lagging supply this sees potential for price increase. The spread between ammonium paratungstate (APT) and ferrotungsten prices has narrowed over the quarter and this has continued into 2015. The margin between concentrate prices and ferrotungsten prices has increased providing improved margin improvement opportunities for ATC in 2015."