Ann: Separate Listing for Haggan Battery Metal Project, page-45

Zubana There is no gold within the Tiris licence. The gold and other base metals are within the Tasiast licences as extended. Whilst the Tiris licence has an exploration licence, the Tasiast does not although it was promised as imminent by the AEE board many many months ago. It has not been forthcoming and the question that needs answering is why not.

There cannot accordingly be a gold deposit DFS if there is not even an exploration DFS. Surely you are referring to a possible DFS for Tiris. But with a meagre recent fund raise, have you worked out what cash the company still has to keep the lights on and fulfil expenses like the preparation of the finalisation of a DFS? And have the management drawn their horns with regard to their earnings in order to preserve cash? A recent announcement told the market that the MD had cancelled his earlier options only to have them replaced by others with an extended life.

And if there is a problem with the grant of the exploration licence for Tasiast, are the recent comments about what appears to me to be a suggestion that Haggan may be hived off a way to keep AEE shareholders appetites whetted?

In short your suggestion of 10c to the end of 2018 let alone 1c is not in my view currently supported by the available evidence. As poster Hunter indicated some time ago it did look good; does it now? If the Tasiast exploration licence have been awarded the picture may have been better. GLA