First Tidal Acquisition Corp T.AAA

RE: Tell us again

[Karmanow]

wpf1: I would not be so concerned about cost of transportation...as you already know what the independent review quoted for initial 2 year trucking costs. When you have the lowest operating costs you can afford to truck for 2 years until the rail link is in place...The real issue you should be concerned with is the capital costs to build the mine first....($800m Ethiopia AAA versus $3.2b Sask WPX)...now take out your calculator and figure out the debt serving on $2.4b and what you will have to give up to get that inital money and then debt service it....trucking costs are the least of your worries....but you already knew that eh? When the offtake agreeement is announced I think some of the "not in ehtiopia gang" are going to wonder what just happened...but alas, that kind of paper will serve Farhad well to move our capex financing forward...and for the record...we have crunched the numbers and a Buyout is not likely now or in the long term...you can not buy what is not for sale...time will tell all...