Ann: Results of Meeting, page-54

I have to agree, most junior companies are announcement driven and like NAE, when no updates are provided the SP will continue to fall. I do believe that management missed a great opportunity to either sell or obtain funding/JV partner during all the coking coal hype last year but that doesn’t mean that things have not progressed behind the scenes since then. I would have thought by now that some actions would have commenced at Lochinvar since operations were taken off hold, but we have yet to hear any decent update on any progress. Coking coal prices are still looking strong currently sitting above $220 AUD, providing a NVP of over $400M USD. Prices look to remain strong through out the beginning of next year, which should hopefully increase chances of a deal of some sort with Lochinvar.

Luckily I didn’t buy in mainly for the coking coal as Redmoor was my main focus in the short term, which is exactly where managements time and resources seem to be spent. This is in a very exiting final stages of providing results for both drilling phases and a resource update. I believe from memory these results are due this month with a JORC update early next year. Once we hear from this, i guess we will have a greater understanding on wether or not we will see Redmoor finally go into production. This should hopefully bring some new investors back as i doubt a $4M MCap will last very long with current cash holdings and excellent drilling results.