Some Points For Discussion, page-3

Hi Dentie,

Thanks for your - as always - considered response.

Agree with you on the offtakes, all indications from the company show that discussions are well advanced and did not get stifled in their infancy.

One thing I forgot to mention is that there is, of course, actually benefit in Panda Hill's modest size. A small but viable deposit would have to be a particularly desirable and "affordable" takeover target, far more so than a giant deposit. After all, what's a few hundred million amongst miners?

I guess we'll soon find out.