Ann: Site of Scandium Processing Facility at Condobolin secured, page-26

Hi Winfield,

We are just guessing. But they were trying to be like the bigger ni-co-sc projects until Mosig left. A retrenchment to a smaller scandium project was the strategy of Hartley after Mosig exited.

The thing which was also troubling was the hiatus in getting a new MD, and a further delay after he was announced. Also remember the new MD had to pass muster with the board, so it is fair to assume he will do their bidding.

In total, while I think the deposit has a lot of intrinsic value, I would be surprised if shareholders see the promised land for a while.

Maybe they will pull something out of a hat and prove me wrong; that would be great. Maybe they will follow through and become a small but profitable scandium operation, like they say.

But I am just interpreting what I can see from far away.

But Jesus. 9 cents. $20-25 million market cap. It's pathetic.