Ann: Update on Cobalt Offtake and Funding Negotiations, page-75

I originally bought in at 3.1c and got burned on the Kosombo deal a few days later. Jumped over to Fel and luckily made 2 pips there , then managed to piptrade from 2.6 to 2.3 to get out realatively equal to where I started. It is disappointing that the synergies between Kosombo and the processing plant have been compromised, andthat the plant is just sitting there doing nothing.

Also the leaching process for the tailings will need some( an unknown amount of capital expendature, and some infrastructure to be built, imo, inorder to process the tailing to the point where they can be sold). I am looking to buy back in to this at some point. But I'm still not sure of the direction they are going and I don't know if they are either.

Next announcement may provide some clarification.