Annuncio • Apr 30
Carbine Resources Limited, Annual General Meeting, May 29, 2026 Carbine Resources Limited, Annual General Meeting, May 29, 2026. Location: suite 23, 513 hay street, subiaco wa 6008 Australia Reported Earnings • Apr 02
Full year 2025 earnings released: AU$0.001 loss per share (vs AU$0.002 loss in FY 2024) Full year 2025 results: AU$0.001 loss per share (improved from AU$0.002 loss in FY 2024). Net loss: AU$735.8k (loss narrowed 21% from FY 2024). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. New Risk • Mar 31
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (42% average weekly change). Earnings have declined by 9.8% per year over the past 5 years. Shareholders have been substantially diluted in the past year (113% increase in shares outstanding). Revenue is less than US$1m (AU$14k revenue, or US$9.5k). Market cap is less than US$10m (AU$5.88m market cap, or US$4.02m). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Board Change • Jan 05
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director James Pearse is the most experienced director on the board, commencing their role in 2023. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 29
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director James Pearse is the most experienced director on the board, commencing their role in 2023. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Aug 06
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director James Pearse is the most experienced director on the board, commencing their role in 2023. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Jul 18
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director James Pearse is the most experienced director on the board, commencing their role in 2023. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. New Risk • Jul 10
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 81% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 15% per year over the past 5 years. Shareholders have been substantially diluted in the past year (81% increase in shares outstanding). Revenue is less than US$1m (AU$32k revenue, or US$21k). Market cap is less than US$10m (AU$4.00m market cap, or US$2.63m). Annuncio • Jun 18
Carbine Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 0.678046 million. Carbine Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 0.678046 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 81,015,197
Price\Range: AUD 0.003
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 145,000,000
Price\Range: AUD 0.003
Transaction Features: Subsequent Direct Listing Annuncio • May 21
Carbine Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 1.103476 million. Carbine Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 1.103476 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 367,825,171
Price\Range: AUD 0.003
Transaction Features: Rights Offering Annuncio • Apr 03
Carbine Resources Limited, Annual General Meeting, May 29, 2025 Carbine Resources Limited, Annual General Meeting, May 29, 2025. Reported Earnings • Apr 02
Full year 2024 earnings released: AU$0.002 loss per share (vs AU$0.002 loss in FY 2023) Full year 2024 results: AU$0.002 loss per share (in line with FY 2023). Net loss: AU$926.6k (loss narrowed 28% from FY 2023). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 49% per year, which means it is significantly lagging earnings. New Risk • Apr 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 23% per year over the past 5 years. Revenue is less than US$1m (AU$48k revenue, or US$30k). Market cap is less than US$10m (AU$1.66m market cap, or US$1.03m). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Board Change • Mar 06
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director James Pearse is the most experienced director on the board, commencing their role in 2023. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. New Risk • Sep 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$785k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$785k free cash flow). Shares are highly illiquid. Earnings have declined by 23% per year over the past 5 years. Revenue is less than US$1m (AU$48k revenue, or US$32k). Market cap is less than US$10m (AU$2.21m market cap, or US$1.48m). Reported Earnings • Mar 30
Full year 2023 earnings released: AU$0.002 loss per share (vs AU$0.003 loss in FY 2022) Full year 2023 results: AU$0.002 loss per share (improved from AU$0.003 loss in FY 2022). Net loss: AU$1.29m (loss narrowed 13% from FY 2022). Board Change • Mar 18
No independent directors There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Non-Executive Director James Pearse is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Board Change • Feb 28
No independent directors There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Non-Executive Director James Pearse is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Annuncio • Feb 23
Carbine Resources Limited, Annual General Meeting, May 31, 2024 Carbine Resources Limited, Annual General Meeting, May 31, 2024, at 10:00 W. Australia Standard Time. Annuncio • Nov 11
Carbine Resources Limited Announces Resignation of Peter Batten as Non- Executive Director Carbine Resources Limited announced that Mr. Peter Batten has resigned as a Non- Executive Director of the Company with immediate effect. Following his transition from Managing Director to Non-Executive Director in August 2023, Peter has completed a handover of his technical duties and has stepped down from the Carbine Board to focus on his new role with Haranga Resources Limited. Peter's work for the Company over the past two years has been instrumental in advancing the Muchea West Silica Sand Project to the stage of mining license application, including the estimation of a maiden resource and a subsequent upgrade following a successful drilling campaign, and in the acquisition of the Bunbury Silica Sand Project. Reported Earnings • Sep 18
First half 2023 earnings released: AU$0.002 loss per share (vs AU$0.002 loss in 1H 2022) First half 2023 results: AU$0.002 loss per share (in line with 1H 2022). Net loss: AU$890.2k (flat on 1H 2022). New Risk • Sep 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$1.2m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$1.2m free cash flow). Shares are highly illiquid. Earnings have declined by 25% per year over the past 5 years. Revenue is less than US$1m (AU$54k revenue, or US$35k). Market cap is less than US$10m (AU$3.31m market cap, or US$2.13m). Minor Risk Shareholders have been diluted in the past year (15% increase in shares outstanding). Annuncio • Sep 07
Carbine Resources Limited Appoints Brett Grosvenor as Non-Executive Director Carbine Resources Limited advised that highly experienced mining professional, Mr. Brett Grosvenor, has been appointed as a Non-Executive Director of the Company with immediate effect. Mr. Grosvenor is an experienced executive with over 25 years' experience in the mining and power industry.Mr Grosvenor holds a Bachelor of Engineering and a Master of Business. He has held senior executive positions with a number of companies including director of development of Primero Group, focused on the development of projects from initial concept through to contract delivery and operation.Mr. Grosvenor is currently a director of ASX-listed Perpetual Resources Ltd. and Firebird Metals Limited and executive chairman of Firetail Resources Ltd. He is a member of the Project Steering Group for Patriot Battery Metals and also sits on the Australian Industry Consultation Group for Battery and Critical Minerals. Annuncio • Jun 30
Carbine Resources Limited Appoint Board of Directors Carbine Resources Limited advised that Glenn Whiddon and James Pearse have been appointed as Non-Executive Directors of the Company with immediate effect. Mr. Whiddon has an extensive background in equity capital markets, banking and corporate advisory, with a specific focus on natural resources. Mr. Whiddon holds a degree in Economics and has extensive corporate and management experience. Mr. Whiddon is currently non-executive chairman of Calima Energy Ltd. and a non-executive director of MinRex Resources Ltd. Mr. Pearse is an experienced corporate lawyer with over 10 years' experience working for national, international and boutique law firms advising Australian businesses mainly in the mining, oil & gas and technology sectors. He holds Bachelor degrees in both Law and Commerce, majoring in finance. Annuncio • Jun 01
Carbine Resources Limited Announces Resignation of Oonagh Malone as Company Secretary Carbine Resources Limited announced that Following the meeting held on May 31, 2023, Company Secretary, Oonagh Malone has tendered her resignation and will step down as Company Secretary following the completion of her three month notice period. Annuncio • May 26
Carbine Resources Limited (ASX:CRB) signed a binding term sheet to acquire Down South Silica Sands Project from Peter Romeo Gianni and Robert Andrew Jewson for AUD 0.8 million. Carbine Resources Limited (ASX:CRB) signed a binding term sheet to acquire Down South Silica Sands Project from Peter Romeo Gianni and Robert Andrew Jewson for AUD 0.8 million on May 25, 2023. Carbine will issue 71,965,794 shares which will be subject to 12 month voluntary escrow from the date of issue and the grant of a 1% net smelter royalty over all minerals extracted from the tenements comprising the Silica Sand Project, to be granted on customary AMPLA terms. The transaction is expected to complete on May 25, 2023. Reported Earnings • Mar 31
Full year 2022 earnings released: AU$0.003 loss per share (vs AU$0.006 loss in FY 2021) Full year 2022 results: AU$0.003 loss per share (improved from AU$0.006 loss in FY 2021). Net loss: AU$1.49m (loss narrowed 16% from FY 2021). Board Change • Mar 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Evan George Cranston was the last independent director to join the board, commencing their role in 2010. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 21
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Evan George Cranston was the last independent director to join the board, commencing their role in 2010. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Oct 14
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Evan George Cranston was the last independent director to join the board, commencing their role in 2010. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 14
First half 2022 earnings released: AU$0.002 loss per share (vs AU$0.002 profit in 1H 2021) First half 2022 results: AU$0.002 loss per share (down from AU$0.002 profit in 1H 2021). Net loss: AU$884.3k (down 320% from profit in 1H 2021). Annuncio • Jul 05
Carbine Resources Limited to Present the Results of Mineral Resource Estimate Carbine Resources Limited to present the results of a Mineral Resource Estimate. The Resource is based on the results of drilling completed in 2019 and 2021 and was prepared by independent consultants, Widenbar and Associates. A total of 315 drill holes were completed at the Muchea West project for a total of 2,737m over the course of the two drill campaigns. The drilling was performed using an Aircore drill rig operated by Strataprobe WA Pty Ltd. All drilling to date has been located on existing, cleared tracks avoiding the need for clearing of the native vegetation and minimising any potential spread of jarrah dieback. Drill holes were located using a handheld GPS and, prior to the commencement of drilling, the drill lines were searched for metal objects buried underground using ground GPR and magnetic surveys. Assay and lithological data from these 315 drill holes were used to interpret the base and top of the silica sand horizon as presented in the drilling data. This defines the Main Sand horizon. A surface has also been generated at 3m above the water table, representing the likely true base of the silica sand; this zone is coded as the Lower Sand. These surfaces have been used to constrain a block model of silica grades using an Ordinary Kriginginterpolation methodology. The Muchea West Silica Sand Mineral Resource has been classified in the Indicated and Inferred categories, in accordance with the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves and has been reported at a 99.00 % SiO2 cutoff. Logging data from an additional 28 water bores was also used as an aid to interpretation. No grade data from the water bores was used. All samples were analysed by Intertek Genalysis Laboratories. Collar, assay and lithological logging data was provided as Excel spreadsheets and imported into Micromine2021 for further processing. A Micromine format drill hole database was created and the data validated and checked, including: Checks for duplicate collars, Checks for missing samples, Checks for down hole from-to interval consistency, Checks for overlapping samples, Checks for samples beyond hole depth. The base of white to off-white silica sand was digitised along section lines and in the region around water bores where that information was available in the down hole logging. A Data Terrain Model surface was then generated honouring the known data points. Tenure. The Muchea West Project covers a land area of 102km2 and consists of a single granted exploration licence, E70/4905. The Muchea West Project is located directly adjacent to VRX Silica Ltd.'s Muchea Project. Project Geology: The Project is underlain by the Bassendean Sand Formation, which extends over large areas of the Swan Coastal Plains of the Perth Basin from about 23 km north of Jurien, to about 15km southwest of Busselton. The Bassendean Sand Formation is considered to have a maximum thickness of about 45 m, and the unit is found as a strip parallel to the coast, having a width of about 10-20 km, and its western edge about 5-10km inland. Concretionary ferruginous material, locally known as "coffee rock", is developed discontinuously in the sand near the groundwater table. In the Tenement, good quality silica sand overlies iron rich brown sand, occasionally interspersed with ferruginous nodules. The upper units of the Bassendean Sand Formation are typically clean, well-rounded and well sorted sands. At depth, it is commonly brown to dark brown with high iron contents, however closer to the surface the sand is cream/white. The physical, chemical and mineralogical characteristics of the Bassendean Sands can vary considerably, resulting in variation in the quality of the sand regionally as well as locally. In general, the Bassendean Sand Formation is covered with very little or no overburden. The region surrounding the Project has been explored for both silica sand and mineral sands. Model Interpolation: Model interpolation has been carried out using Ordinary Kriging in Micromine 2022. A check model has also been generated using Inverse Distance Squared interpolation. Annuncio • May 03
Carbine Resources Limited, Annual General Meeting, May 31, 2022 Carbine Resources Limited, Annual General Meeting, May 31, 2022, at 11:00 W. Australia Standard Time. Location: 23, 513 Hay Street, Subiaco Western Australia 6151 Australia Annuncio • Apr 08
Carbine Resources Limited Provides Results for its Maiden Drilling Program at its 100% Owned Muchea West Silica Sands Project Carbine Resources Limited provided results for its maiden drilling program at its 100% owned Muchea West Silica Sands Project, Western Australia (Muchea West, the Project). Muchea West has the potential to host a substantial, high grade, low impurity silica sand deposit. The potential final processed grade is significant as it meets all the specifications for flat and container glass markets and for foundry glass at the top end of silica sand consumption market and the upper price ranges for these products. Carbine's first drilling program at Muchea West since acquisition of the Project in July 2021 has succeeded in meeting all expectations of: advancing the information available at the time of acquisition; identifying the area best suited for a Mining Licence application; and providing sufficient data to undertake an initial Mineral Resource Estimate in order to commence mining studies. The Muchea West Project is located approximately 40km north-northeast of Perth and approximately 500m to the west of the town of Muchea. Direct access from the tenure is via the Tonkin Highway thence via farm tracks and fence lines. Both the Tonkin Highway and the Moora-Kwinana Railway provide a direct connection with the Kwinana Bulk Terminal. The Project is underlain by the Bassendean Sand Formation, which extends over large areas of the Swan Coastal Plains of the Perth Basin from about 23 km north of Jurien, to about 15km southwest of Busselton. The Bassendean Sand Formation is considered to have a maximum thickness of about 45 m, and the unit is found as a strip parallel to the coast, having a width of about 10-20 km, and its western edge about 5-10km inland. The region surrounding the Project has been explored for both silica sand and mineral sands. A total of 82 vacuum drill holes were completed by Australian United Silica Corporation Pty Ltd. (Ausco). Previously the area within the tenement has been drilled for water and this drilling resulted in 28 water bores. The program consisted of a total of 233 vacuum drill holes which were drilled at nominal 50m spacing on five drill lines along existing tracks within the tenement area. This drilling was completed by Strataprobe Pty Ltd. Each of the 233 holes intersected white sand profiles as expected in a dune system. The drill depths were designed to terminate 3m above the modelled surface of the 2019 watertable. Due to the exceptional wet seasons for 2020 and 2021 and the early drilling date (immediately following the wet season) the watertable was significantly higher than the modelled surface and only 30 of the 233 holes reached planned depth and 11 holes were short by more than 10m. A total of 1,088 samples were transported to Intertek Genalysis Laboratories. Results from Carbine's maiden drill program have confirmed the grades from previous drilling, and includes intercepts such as: MW0077 15m @ 99.81% SiO2, 222 ppm Fe2O3 and 154 ppm Al2O3 from 1m; MW0092 20m @ 99.69% SiO2, 450 ppm Fe2O3 and 313 ppm Al2O3 from 1m; MW0127 17m @ 99.70% SiO2, 350 ppm Fe2O3 and 260 ppm Al2O3 from 1m; MW0142 21m @ 99.76% SiO2, 329 ppm Fe2O3 and 310 ppm Al2O3 from 1m. Of the 233 holes completed, 85% of the drillholes returned profiles in excess of 99.5% SiO2 and only 3 holes returned profiles with less than 99.0% SiO2. All 315 holes drilled on the Project to date display the exceptional high grade and quality of the Muchea sand deposits. The overall grades returned confirm the selection of the eastern side of the tenement for first resource drilling with grades in line with expectations of a raw SiO2 grade in excess of 99.7% and moderate levels of Fe2O3 and Al2O3 as expected from the 2019 drilling results. The average Fe2O3 levels for the 2021 drilling were consistent with the 2019 drilling (0.029% v 0.025%) but the Al2O3 averages were considerably lower (0.077% v 0.028%). Carbine has already displayed that, at these levels of Fe2O3 and Al2O3, the Muchea West silica sand can, by a simple attrition process, produce a final product that exceeds the requirements set for the high purity silica sand market. The 2019 drilling program was designed with a nominal depth of 10m for each hole with only 4 of the 82 holes exceeding this depth and then only to between 15 and 20m. The 2021 drilling was designed to test the complete white sand profile of the project with a maximum planned depth of 23m in a number of holes. Despite the higher than normal watertable the deepest holes in this program reached 22m. The full profile at Muchea West is from surface to a level 3m above the watertable, as defined in 2019. Drilling stops the moment the watertable is intersected irrespective of planned hole depth. This a condition of the licence but also a practical limit as a vacuum system will not lift wet sand. Carbine's procedure is to reject the surface 1m (ie from 0m to 1m) when sampling. This reflects the practice of setting aside the portion of the profile containing all the botanical material to be used for rehabilitation. Elsewhere at Muchea the critical depth of this material has been shown to be from 0m to 0.4m. Reported Earnings • Apr 02
Full year 2021 earnings released Full year 2021 results: Net loss: AU$1.77m (loss widened AU$1.62m from FY 2020). Reported Earnings • Sep 16
First half 2021 earnings released: EPS AU$0.002 (vs AU$0.002 loss in 1H 2020) First half 2021 results: Net income: AU$402.2k (up AU$790.9k from 1H 2020). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Annuncio • Jul 23
Carbine Resources Limited (ASX:CRB) completed the acquisition of Muchea West Silica Sand Project from Wendy Hogan, Messrs Sivagami Selvakumar, Brenton Parry, Paul Browne and others. Carbine Resources Limited (ASX:CRB) agreed to acquire Muchea West Silica Sand Project from Wendy Hogan, Messrs Sivagami Selvakumar, Brenton Parry, Paul Browne and others on April 1, 2021. Carbine will issue approximately 200 million shares and 50 million options as part of consideration. Carbine will also pay AUD 0.5 million in cash to Muecha creditors. Carbine will raise AUD 2.5 million by issue of 83.3 million shares. Carbine will issue 25 million unquoted options to Golden Triangle Capital Pty Ltd as facilitation fees upon completion. The loss of Muchea West Silica Sand for the year ended 30 June 2020 amounted to AUD 116,519. If any condition is not fulfilled by April 30, 2021 Carbine or Muecha can terminate the term sheet. They can also terminate the term sheet if ASX does not approve the deal or re-quotation of shares. Upon completion Messrs Peter Main will be appointed as Non-Executive Chairman and Peter Batten will be appointed as Managing Director whereas Evan Cranston will remain on the Board as a Non-Executive Director, Mathew O'Hara and Oonagh Malone will step down as directors of Carbine. The deal is subject to approval from ASX, Carbine Resources Limited shareholders, cancellation of options, obtaining financing and consummation of due diligence. As of April 29, 2021 The transaction is expected to be completed on June 8, 2021.
Carbine Resources Limited (ASX:CRB) completed the acquisition of Muchea West Silica Sand Project from Wendy Hogan, Messrs Sivagami Selvakumar, Brenton Parry, Paul Browne and others on July 22, 2021. In connection with the transaction, Carbine Resources Limited has successfully raised AUD 3 million (before costs) at an issue price of AUD 0.03 per share pursuant to a public offer under a prospectus and is now fully funded to for a proposed two year exploration program at the Muchea West Project. 