Disclaimer

The research reports posted on this web site are intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Services Authority and are not directed at Retail Clients. The research contains investment advice of both a general and specific nature. It will have been prepared with all reasonable care and will not knowingly be misleading in whole or in part. The information is obtained from sources which are consider to be reliable but its accuracy and completeness cannot be guaranteed. The opinions and conclusions given are those of the broker only and are subject to change without notice. Clients are advised that the broker and/or its directors and employees may have already acted upon the recommendations contained herein or made use of all information on which they are based. The reports are not, and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell any securities or investments. These reports do not, and should not be construed as acting to, sponsor, advocate, endorse or promote any particular mining company securities or investments.

WH Ireland, as AEC Education's broker, is or may be providing, or has or may have provided within the previous 12 months, significant advice or investment services in relation to some of the investments concerned or related investments. Recommendations may or may not be suitable for individual clients and some securities carry a greater risk than others. Persons/clients are advised to contact their investment advisor as to the suitability of the research and recommendation contained therein for their own circumstances before taking any action. No responsibility is taken for any losses, including, without limitation, any consequential loss, which may be incurred by clients acting upon such recommendations. None of the brokers undertake to update or advise of changes to the information in the reports. Expression of opinion are those of the authors and are subject to change without notice.

No part of these reports may be copied, reproduced, republished, sold, distributed, transmitted, circulated, modified, displayed or otherwise used for any purpose whatsoever, without written authorization from the broking house involved.

The value of securities and the income from them may fluctuate. It should be remembered that past performance is not necessarily a guide to future performance. For our mutual protection, telephone calls may be recorded and such recordings may be used in the event of a dispute. Please refer to the brokers conflicts of interest policy and procedures.

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