Ann: AGM Presentation , page-4

Re: the Ugandian component of the presentation. I dont think it is particularly helpful to continue with old bad habits by inserting statements such as

"NJA recognised certain rocks near Palabek Kal in December
2011 as similar to Broken Hill in New South Wales Australia
Broken Hill 280mt @ 19% Pb+Zn, 150g/t Ag"

"What is the exploration upside?
• A Broken Hill Pb-Zn-Ag Deposit(s)
• Thompson Belt Ni-Cu-PGE Deposits
• Significant gold deposits – Uganda is between 100 MOZ in
Tanzania & 50 MOZ in DRC "

Sipa's conservatism (with money) should also be applied to managing expectation.

Mike do you seriously wonder why shareholders get annoyed when these much hyped projects so often just disappear into oblivion with barely a mention except for a 1 or 2 paragraph explanation under "Review of Operations" in the annual report. Does Woodline or West Warrego ring a bell !

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Why is Sipa in Uganda?

Questions to be answered:

• how did we get there?

• can we operate – commercially & technically?

• what is the exploration upside?

• sovereign risk?


Conveniently 2 very important questions were not posed or answered.

1.What is all this costing ?
2.Why are we doing this when we have the

" standout greenfields copper exploration project in W.A if not Australia "

which is crying out for a better funded approach ?