firm commitments, page-59

Hi Awoonga

I do not believe that Directors should wait to see what they get after they have achieved the results. That is a discretionary bonus, what share options do is give an incentive.

Everyone will now shout out... "but they are getting paid, what more do they want..."

But in reality they started and built this company up from nothing to this position. Why on earth would they do that without serious upside. In all of those years they could have taken probably just as high paying jobs for another big mine, but they chose to go out and do it themselves. Now you say they should have no stake in the company, but in my mind that is unrealistic and I would beg to differ... if these directors did not have these incentives, I would be seriously concerned. Imagine the other big players who as we start to build the mine will be looking for new teams to look after their projects. Do we not want to keep this team together till we have maximised our returns. do we not want them to be linked and locked in as much as possible.

Now 12c options were passed and there was not huge hysteria, and now with the CR and debt free mining scenario now in place, this is it... the moment for them to get their shares. They need to position themselves right now and they want it locked in before the finance of PB rears its head in my opinion, and therefore are putting a line in at 10c. I think different to you, if they were not getting positioned, or fail to get a vote at the AGM I would seriously be rethinking my investment. I bet all the other big shareholders like BR think exactly the same way, and will vote for these options.

Shares will be taken up, management options will be voted through... time will be needed to get AN up and running, off take agreements are red herrings (who cares who buys it!)... and things will be fine IMHO. What we want to see is improved resources for AN and PB as we continue to grow as a company... and yes a magic find to put icing on the cake.

Glad to stand up and question the company, options and funding path, but I want my management team to be screaming for higher share price in the next few years as much as myself. I cannot see how this happens when in the short term they cannot garner 5-10% of the company, and when we look at the SP valuation before we have struck dirt.

You might shoot me down in flames... but I want this mine to be the one that makes it for them. Because if it makes it for them... it will make me, and guess what you too, and especially Kalenn


Cheers

Gus