Ann: Proposed issue of Securities - VIC, page-3

And here's why it's potentially HUGE :- Imagine just a JORC Resources of 250,000 ounces resources or say 500,000 of Reserves ......

Upon a decision to mine, Ramelius can elect to either:

(a)Maintain its 20% joint venture interest by contributingto joint venture expenditure.

(b) Dilute its joint venture interest in accordance with a standard dilution formula.

(c) Withdraw from the joint venture and receive a 1.5% net smelter return royalty

(d) Increase its joint venture interest by purchasing 31% of VIC’s joint venture interest forthe greater of:

- (i) three times expenditure incurred by Serena/VIC up to and including the date ofelection;

- (ii) $25 per resource ounce; or

- (iii)$100 per reserve ounce.

" In addition to the rights of Ramelius, there is also a $25,000 per annum haul roadcompensation payment and a royalty of $5 per ounce payable to third parties in relation tothe project "