Ann: Update on Corporate Review and Management Changes, page-309

Thanks for playing devils advocate today. I agree with the last paragraph, falling in love with companies is fraught with danger.

with regard to your comment on the strike price of the options don't forget each director has to fork out $1M each to exercise them which is not a small investment. They wouldn't exercise their options unless the underlying was much higher and BOA's and funding were in place for the mine to go ahead. Both of those scenarios will deliver huge value to all shareholders so I have no issue "giving" them that incentive.

The old board actually recommended that shareholders accept the bid as they said it would deliver the most value, which given what we know now in terms of resource size was bad advice. IMO the old board didn't believe in the lithium/battery/EV story and thought let's make a quick buck and put the money into a gold play which they do believe in. They could still be right you know, the hype on EV's may not be right, we could all look really stupid in 18 months haha. What they really fked up was not taking into account shareholder sentiment and power. If you're going to make big decisions about a publicly listed company you have to make sure you have the numbers!

I also agree with some of your comments today on the size and detail of this review. Granted the old board made some fundamental governance errors in the running of the company that need to be rectified but did it really warrant a $500k, 10 week investigation? If you keep going down the rabbit hole you are going to keep finding stuff but look I dont know, I'm not a forensic accountant so I don't know how this stuff works.

Maybe a re-list next week but I'm not expecting any fireworks now as the tax stuff is going to be hanging over our heads for at least another 6 months. One thing markets hate is uncertainty.