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I'm going to share an email I received from Simon back in October where OTN Mining was reffered to. Dear ### I will try to answer your questions in accordance with information in the public domain. Using your numbering: 1. Loan security - I cannot comment beyond the details provided in the RNS of the original loan, which was published on 18 August 2014. You can find the RNS at this address: http://www.bellzone.com/images/downloads/bellzone-short-term-finance-update_18Aug14.pdf In the RNS the following is noted: "The Loan is secured by the entire issued share capital of Bellzone Holdings SA, Sadeka SARL (holder of the Sadeka Exploration Permit), OTN Mining Limited and Coastal Iron Development Limited (holder of Bellzone's interest in the Forécariah JV), each of which is a wholly-owned subsidiary of the Company." Therefore the security includes our principal asset, Kalia (held by Bellzone Holdings SA) and other minor assets. 2. If Bellzone falls into administration, by definition the Jersey court-appointed administrator will act to wind down the company in accordance with Jersey law. It is not necessarily the case that the Kalia mining licence will remain with the group / company; our reading of the Guinean Mining Code (2011) is that under Guinean law, the licence automatically reverts to the Guinean State in the event of an insolvency, and that has been communicated to Hudson. So the administrator would not be "free" to sell the licence to anybody. Thank you for your email and your support. Kind regards,

Here's an email I received from Simon on 7th December. My question was regarding the port discussions - His response - The simple answer to your question is that the potential for a port deal has only really come about in the last 12 months or so, not before. The bauxite sector in Guinea is booming. Bauxite is a bulk commodity very similar to iron ore (except for the obvious - it is is processed in two steps to aluminium, rather than steel). The existing port capacity in Guinea is choked and there are bauxite operators who need port capacity. If you have a search of the internet, you'll see how quickly Guinea's bauxite sector has grown in the last 2-3 years. The more complicated overlay is that Konta Port was used by the Forecariah JV which is in administration. I cannot even begin to explain the ins and outs of Guinean insolvency procedures in an email, but it is worth noting that the JV went bust 3 years ago and the port complications are as yet unresolved. So, we have been looking at a port deal for quite a long period but no deal came quickly enough to prevent us doing the two small fundraisings of the last year; and indeed, it is possible no deal will be forthcoming when we most need it, which is now. We will just have to wait and see what happens in the near future. wrt the FeNi FS - yes, there is a time frame but some bulleting board posters have got it completely wrong. The timetable was re-set and the clock actually started ticking at the time the Addendum to the Mining Convention was promulgated by the Presidential Decree. So, actually, this resets the whole timetable that is in the formal documentation. So we actually have most of 2019 to deliver on that. (When the Addendum was promulgated, we did state this point but it seems to have been lost on people.) Kind regards, Simon I feel this situation is more to do with increasing the export of Bauxite. The Chinese are investing alot in the sector (Simon mentions the sector growth) and the Chinese will have been aware and all over the possibility of getting their hands on the Konta port for the immediate purpose of scaling up exports. AIMO

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