Hi everyone

first time poster

long time shareholder and consider to have a fairly large holding and i will continue to hold

been reading on this forum for a while... some stuff is interesting and some comments are totally crap

I live in sydney australia and i will try to come to the annual meeting in melbourne if i can

im my view this stock will fly but when i dont know but i dont see it falling much more and if it does i will be buying a few more

this is the way i see it

we are not going bankrupt as we have to many assets

we currently hold a very large commercial grade phosphate ( what its worth i dont know)

we are currently waiting on approval for more leases which will increase the value of the company

we are currently waiting on council and/or government approval for the plant to begin construction ( in my opinion all the hard work has been done and paid for example, architect, engineers, land has been bought, designers etc etc and approval does take awhile in australia usually around 6months if there arnt any objections if there are then we could be further delayed maybe 6 months but i dont see it as an issue as i am sure they are working on other things)

In my opinion equity partner will take as long as it will to get the leases approved when we receive these then we will have a partner ( hypathetically speaking example we have 1 apple its worth $1, 2 apples worth $2 etc we have 1 lease its worth something if and when we receive approval for another the company will be worth alot more)

in saying this if you read the recent report they want to make the total share 400 mill instead of 300mill my thought about this yes it is diluting the shares but it is buying us time to get all the relevent approvals to increase the value of the company. even if you placed 100 mil @ 30c that would give us additional $30 mill in working capital @ 40c will give us $40mill etc etc

now lets briefly look at the assets

we have about 15-18 mill in the bank in cash and no debt thats not bad let think about what it can get us and how long it will last us

we hold a huge stake in NAD.ax around 50% which is valued at around $14 mill at current market prices ( price really not going anywhere at the moment)

we also own 300k of ROX.ax which is worth around 100k

Currently hold 31.38% of Norther capital Resources ( which is not listed) which holds 96.6% interest in golden river( Gorv.ob) @ 25c ( issued share 56807594 x 96.6% = 54876136 shares owned) so we have 54876136 x $0.25 = $13719034 ( so thats at least what northern capital is worth without any other assets and we own 31.38% of that which is $4305032 plus what ever other assets they hold

Late in 2007 a joint venture agreement was signed with Legend International Holdings Inc (Legend). Under the agreements, Legend may earn an 80% interest in phosphate minerals on the tenement package by spending $3 million on exploration and development by 7 December 2012 ( more phosphate for us but im not sure if the money has been spent thats with mount isa minerals)

we are waiting for the lease paradise north to be approved this quarter which is by end of June so any time now maybe in the next few weeks we will receive this news

Xstrata

MoUfor the supply of sulphuricacid for use in the fertiliser complex

Supply comes from existing Mount Isa lead and copper operations

CoogeeChemicals

MoUfor the supply and storage of sulphuricand phosphoric acid for use in the fertiliser complex

Port of Townsville

Ongoing relationship to ensure capacity for phosphate and fertiliser distribution to international and domestic markets

QR National (Queensland Rail)

Ongoing relationship to ensure capacity for transportation from Mount Isa to Townsville

sorry to bore you with all this but this is how i see the stock everything is in place for this stock to launch and rocket to the moon once we get out of the ground

everyone is complaining about bad PR etc etc but whats there to report? we havent sealed any deal with an equity partner, still waiting on approvals everything is happening in the background so technically there is nothing to report unless something has been done

so i suggest we chill and be patient ( we have waited this long will an extra few months really make a difference?) as when things do start happening we will be on a express train with no stops

this is just my observation and correct me if im wrong anywhere or missing something