Ann: Quarterly Cashflow Report - December 2018, page-25

Cash costs are too high for my comfort. They need a second offtake to be taking 15,000t of product by March or there is going to be drawdown on that second Tribeca facility, or a CR.

Even then, I think they're going to be working very hard to stand still this year, and I don't see them getting through the year without more debt or a CR.

The risk/reward isn't there for me to keep holding, and I'm out.

Wish you all the best, and I will keep an eye on this to come back to later in the year. With fines operating and regular shipments I will need to look again.

Cheers