Opinion from MB, page-22

Hi nursery,

Your assumption is 100% correct. It has been a long and hard road, however, at long last the stars are aligning. Having said this, if sales of EdenCrete do not increase at least 10 fold over the next 12 months, which by the way I expect them to do, I will be one of the first to head for the exits and admit they I got everything about the potential of EdenCrete totally wrong. 

With regard to the company structure, I am not a legal man or an M&A expert. In this regard I had Ernst & Young take a look at the EDE/TAS/Noble company structure, and although they found it somewhat complicated, they could not see no real problem with it and did not see it is a deterrent to insitutional investors coming on board, or as an obstacle in the event of a takeover. I also had my daughter, who is a lawyer, take a look and she also basically said the same thing.

It should also be worth noting that the ASX did intensive checking of the TAS/Noble company structure, prior to allowing TAS to float EDE off as an entirely separate company. The ASX rules and regulations are even stricter these days, and if there was an issue with the EDE/TAS/Noble company structure, they quite probably would have already suspended both EDE & TAS from trading until this was clarified. 

Evidence that the ASX "watch dogs" have both EDE & TAS under very close scrutiny was evident when they asked TAS on February 4th this year about their mining exploration activities, in effect to ensure that TAS was not simply becoming a holding company for EDE, which of course would be a violation of the ASX rules regarding TAS's activities, which are clearly defined. Aaron Gates sent back an excellent reply on February 8th and very much put these ASX fears to rest. In his reply, it is particularly worth noting the information regarding the recent two detailed ground-based gravitysurveys at Pernatty, which indicated that Pernatty is a highly prospective IOCGU deposit. In addition, Pernatty's close proximity to OZ Minerals Carrapateena IOCG deposit makes it quite possibly TAS's jewel in the crown (apart from EDE). It goes without saying that a JV with OZ Minerals would make perfect sense for both parties.             

With the regard to institutional support for EDE, I have had a quite a number of discussions about this matter (including the EDE/TAS/Noble company structure) with various financial institutions here in Frankfurt, a couple quite recently due to the recent Twiggs County, MARTA and Parchem developments. Even though it was acknowledged by all that these events were significant milestones, basically at the moment, EDE is still considered to be too small and thus far too risky for all of them. When EDE has a much larger market cap, and when EDE has demonstrated their earnings potential and has become cash flow positive, they all indicated that they would definitely be willing to take another look, and quite possibly also recommend EDE to their high net worth clients. 

Best regards,

Mark