Ann: Results of Meeting, page-69

I know many shareholders have been quite upset with management at the moment and I have fielded quite a number of calls and emails over the past weeks from many shareholders who simply were not happy with another CR and with the board option resolutions and what appears as funding issues.

A majority of Top 40s have come together after I put out the call. They are a fantastic group of people all with the same likeminded common interest in the company, hence why their investment in the company is such, and their continued involvement should also be seen as a sign of confidence in the company. You will note in the next T40 list that many have increased their holdings over the past month.

Our Top 40 group of individual shareholders that have come together have 3 reps that have been in constructive discussions with the company. All I can say too everyone is that we have the company's best interest at heart and are resolute that all shareholders require better corporate governance and that we are not looking to take over the company, nor operate the company by remote control, nor meddle in the day to day operations of the company. Some of the changes have been a result of that active engagement.

There has to be checks and balances put into play and the company cannot continue with the board and management being virtually identical. Changes to board structure is essential, especially as we emerge from explorer to producer.

Management have certainly had some hurdles in front of them and have been so undeniably extremely busy, that they have not always looked at issues from the perspective of shareholders on the journey to becoming a great company.

IMO the absence of information leads and fuels speculation out there for all of us. From my now enhanced view point I have heard quite a number of varied and wild conspiracy theories out there and see how they can be self fueled. However, management has not provided an adequate environment and level of enhanced shareholder engagement where shareholders can be confident and that their darkest thoughts aren’t real.

The AGM results understandably have given management a very strong indication that shareholders are not satisfied with:

• the current structure of the Board,
• the level of clarity in announcements,
• the extra detail shareholders crave to encourage a better understanding of the company, the dynamics, the future thinking and direction on projects etc, &
• the key issues surrounding capital raising and the dilution that occurs.
  

These are all resounding sentiments in my discussions with all shareholders.

These are the sentiments expressed that are required to inspire more confidence for existing shareholders to hold their shares, to continue increasing their shareholdings in the company and more importantly to promote the company even further to family and friends, including personal and business associates.

We are all well aware of the efforts made by the company to progress this company by the management. They do at times appear to be operating with all this company knowledge in their collective heads and have at times, not taken into account that shareholders wish to know more details, that is not market sensitive. This is a shareholder base dominated by retail investors & therefore requires an additional layer of engagement and comfort in having a more intimate knowledge of the company beyond the announcements that they have invested into.

I take this opportunity to also indicate that we are supportive of the company and management and the massive effort that has been put into effect by all everyone to get us to this point, especially taking into consideration the delay that occurred with the granting of the Mining Licence that was simply beyond anyone’s control.

I personally would like to say “ Thank You ” to all shareholders who were able to vote and for those who appointed their proxies accordingly.

More updates will be forthcoming in the very near future.

To the guy who was the Computer Share representative at our AGM. You provided a fantastic level of service and explanations to other shareholders in the room during the AGM. Truly very professional and articulate and you should be applauded. I sincerely hope that Computer Share see you as a shining example of excellence and how you are seen to be a credit to their company.