Cash on hand of 78 million. A touch different then the previous cash on hand fiqure of 118 million.

Are you saying that 40 million of Legends Cash has been spent on other assets. I would have hoped that some of the cash would have been put towards equipment required to get one of our claims ready to begin production.

It takes a lot of time and and much more capital then is shown here to put a mine into production.

Mining was to begin in the first quarter to generate additional company cash flow so further dilution would not be necessary. As it now stands they are projecting mining to begin in the second quarter. Possibly even the third quarter if a higher grade and more cost effective phosphate shows up from drilling on their latest target Paradise South. Which is a lot closer to Mt. Isa and would be more cost effective. It makes sense to wait on all drill results being analysed before making a final decission on which claim to mine first. Along with having all permit approvals in place.

This may be the reasoning for mining equipment being delayed. I did not see any mining equipment purchases or notations as to orders on this latest statement and it would seem such purchases would be a welcome sight for a mining start up. Things like loaders, hauling trucks, excavating equipment etc. Even if we are beginning with direct offtake, equipment is a mining necessity. I see no reference to any of this 40 million quarterly cash deficit going towards mining equipment. There is leed time required for these purchases. Two more quarters like this without earnings and addtional capital will be required. Common sense dictates that much needed cash flow from Phosphate rock shipments may be further away then originaly anticipated. As a shareholder I would appreciate the rest of the story.