Ann: Update on Cobalt Offtake and Funding Negotiations, page-60

Good things come to those who wait!

Do you realise there was a mining boom and the boom collapsed causing many smaller companies to close mines and not deliver the revenues & profit they anticipated, caught a lot by surprise, even the big boys (Not to mention the Australian government and their anticipated annual budget revenues from mining. It's the same reason our country is now back in debt instead of surplus).

We historically spoke of a 7 year cycle here in NSW coal mines (Probably the same everywhere in the past as it was globally driven), but due to the massive influence China now has on the mining economy the 7 year cycle went out the window. I was anticipating a collapse 2 years before it happened and we were holding back on growth/expenses to be sure we didn't over commit ourselves & then die when the mining boom did, but it just kept getting stronger and regardless of what would be seen as good business management we had to just keep our business and infrastructure growing to handle it (at considerable cost, but we had the revenue to support it, well, during the boom at least), then all of a sudden it crashed in a big way. Bonuses were frozen & salary increases put on hold). And yes the business had to be restructured and remote offices/workshops closed. Everybody always tries to protect their capital to survive, especially directors & the top end of town.

Take a look at most of the prospective explorers & smaller miners, how many directors sit on multiple boards and do deals between companies. I think you will find it is the norm rather than the exception.