Ann: Quarterly Activities Report and Appendix 5B, page-2

After a flurry of TS spin, things are starting to look very shaky.

- Nearly out of cash, down to the last million and quarterly operations are nearly this.
- Cobalt price heading south
- No sign of off-take funding agreement in spite on hiring an old-brit working out of his house to facilitate the deal.
- Giving away an asset plus ~1/4 million in FEL shares to a mysterious 'Deal Facilitator', which lets be honest - is TS or a sub-company of his.
- Still no sign of anything from the SL Timis cash give away.
- EUR has halved its value over the year.
- Approaching the promised 6 months mining date.

I am going to put it at 30 - 70 that we ever see a cent from the cobalt play versus turning into another Marampa.