Couple of broker updates, page-12

Hi Mc117,

I think they held by choice. Gold was bullish. Regis shares were 4.20 at point of sale but in a strong upward trend and ALK didn't need the money at the point in time. They probably wanted to continue to hold a part of the project they initiated and see how it progresses. In that time the shares (RRL) briefly went far higher (almost $6), before dropping off fast.

Since then I think they looked for short term bounces to drop the majority of stock. They had about 3M shares left quarter before last.

In hindsight clearly it would have been good to de-risk on gold price exposure, but it could have easily went the other way. Given where RRL currently sits, I think we ended up okay and have a nice little gold mine, should the economy deteriorate, and a massive rare earth play, should it improve.

Cheers.