agm, page-4

Big thanks Thorium / Saltbus.

Now to ponder the inevitable Cu sulfide deposit YET with typical Sabre style factoring in the opportunity cost of time.

There seems to be three key points -

(a) Communication: Many LT holders are indeed frustrated and on the verge of being annoyed, there certainly needs to be a step taken to improve this area of the company! Tim may be great behind the scenes as a marketer and we may have one of the best geos in the business in Matt but I personally believe the general market would like updates more regularly. Although I believe SIR is priced a little high in respect to market cap I feel their constant communication is absolutely fantastic - (other than our drill issues) there is no reason as to why we could not get small announcements here and there. Of course I still do commend the SBR team when an announcement is put to market as they are full of information yet the time is now upon us where as more and more people speculate with the stock the price will get battered and bruised if the market is not updated, believe it or not the swings up and down will become more rapid and futile. This may be difficult to comprehend but true.

(b) Drill: Surely by now with the current cash position and the knowledge built in the area an appropriate drill could have been sourced. This is either (a) bad decision by management to have not sacked the current mob and bring in someone fresh and more applicable (b) tactical ploy (which I highly doubt) (c) just sheer hope that the drill / driller will surely get the next one right (if so they will never be able to achieve (a) above). My advice and what I would be doing if I was BBY (more importantly your clients!) as they have stumped up the cash, 'take over / oversee more closely the program' with Tim / Matt. These clients will get annoyed at some stage soon and say, you know what take my million shares out at whatever cost as I am starting to see better opportunities. Think it won't happen, money is money and what is worse ... ever played dominos!!! Now is not the time to be spruiking about potential (this will lead on to my next point (c)).

(c) Campaign: Let's forget Guchab as we have to some degree done that to death, now with the other recently found prospect the reconnaissance program as far as I can see will be months on end. 'Kaskara' has 10 holes completed, and one 200m+ - now riddle me this - currently we are drilling the outer expressions, so one would think that if you are drilling around the target to delineate the deep hole to come (sulfide zone) that you would be only going as deep as you would have to ... get my drift?! This 200m+ hole is very interesting and leads on to the fact that Kaskara will highly likely be what we all think it is. Now there does not seem to be any early indication that they will be trying to drill into the sulfide this year, again why??? This is ludicrous and will stagnate the SP, irrespective in my opinion as to Guchab pad 4 results, which at this point I am of the personal opinion are not what they have cracked up to be ... SBR would have them and are sitting on them ... time will tell if I am right or wrong. Of course the market always speaks first, something that takes years to understand ... have we done our doe 'of course not' yet are there ST better prospects, in respect to communication 'absolutely'. As an announcement did not come out pre AGM, as I believed would occur, the information will likely only be a 5 out of 10 on the rictor. On that note is the market cap undervalued 'definitely', but can it get any lower 'absolutely'. I Guess what I am saying is all ties back in to point (a) - without 'communication' SBR or any other stock for that matter ain't worth anything. All in all I am outstanded to hear that there was a 200+m hole done, this speaks volumes as to the geophysical aspects BUT why should only a few here such things ... what about the 1000 or so shareholders that sip lattes by the beach all day (lol)

Have a great weekend all, we better get something next week or I personally will be peeved - as many other LT holders.

Maybe it is time that we communicate with you, SP at times can speak volumes!

NL