Ann: Quarterly Activities Report, page-38

I like your optimism HR but it's been 3 years since the first discussion on DSO and as far as I'm concerned it seems just as unlikely now as it ever has.

I do my best to give Mosig the benefit of the doubt and often defend him when teddy gives him a verbal beating but frankly the guy has let the long termers down.

I'm not sure if people remember but Owendale was the first round pick? We have the best ground period! But we have squandered it through in action.

Just take a look at the confusion of the new comers. No body knows what PGM is about. Is it Sc? Is it cobalt? Is it gold? Is it doomed to be a bit of everything and nothing of one thing? What is it? After all this time I ask myself the same question.

Mosig is a superb geo but honestly I don't think he has any interest in seeing PGM achieve what it could. Ask yourself, where's the cobalt resource upgrade? Where's the update on the Skaergaard visit? Why are we building a pilot plant to progress DSO talks when we have been circulating samples since 2014? Why is the AGM being held in QLD when the head office is in WA? Alarm bells continue to ring to the tune of wasted potential.

AUZ is $150m MC now when Flemington was 4th round pick of land by JRV, they are likely to have a share consolidation soon and they don't even completely own the leases they are mining!! Meanwhile we have 3 prospects that each on their own should be more valuable than the total of what AUZ has and they are 5 times our MC!!

I for one am voting against Moller and the renumeration. Will it help? Doubtful, but what other avenue is there to have opinions heard? Should we just allow this to continue indefintely?

P.S. Has anyone heard from Oly? I'm actually a bit worried the guys gone off the deep end after Australia's world cup qualifiers.

Cheers,

DMac (opinions)