Ann: Exploration Update - Plumridge Nickel Project, page-8

Its great that a large mining company is now there to help them deliver, but SEG long-term profitability is reduced by the 70% they give away. Therefore, even if they find significant minerals, a SIR-type rise is now extremely unlikely imo. Less chance of $5. Best case scenario 50 cents to $1 by 2019 imho.

I haven't sacked them completely. I made a good decision 2 years ago and I stick by it. However its just a timing thing. I have to be profitable in a SMSF. The fund HAS to grow progressively and there are much better short-term and medium long-term potential opportunities out there than SEG atm imo.

I bought at .8, 1.2, 1.5, 1.7, 1.2, 1.0, .6, .3, and .1, and sold them at 1.5, 1.1, 1.0, .8, .6, .3, and .2. I really believed in them but overall I have lost heaps and if not for others in my portfolio to make me overall quite profitable, I would be seriously in the red due to SEG not delivering on promises.

I have plenty of other long-term items in my shopping cart and there is just no room for SEG atm. I may come back in a year or so, even if I then have to pay 10c because I still believe they have something there, but they just wont PROVE it. So I have to wait until they FINALLY start drilling in the places that they have earmarked over the past 2 years! They are probably waiting for commodity prices to go up so they maximise returns.

They have lost a great deal of investors because they just wont drill into what they believe they have. Lots of investors lost heaps on the SPP. Maybe you weren't around when they tumbled by 50% from around 1.8 when they dug a km to the east by mistake!!!! That's why they had to give away 70% to an investor: because they know they cant do another SPP. No-one would be interested!

Even today they have just added Lithium to their portfolio in WA, but that is going to take another 2 years to PROVE as well. I just cant wait, so I am out for the moment!