Ann: Letter to Shareholders, page-11

We should be moving up based on the raging $A gold price but instead we are stuck in a soap opera.

"Since the Notice of Meeting and Statement of Directors was sent to shareholders on 30 January 2019, your Board has had discussions with representatives of Neon and Nero as well as other significant shareholders. During those discussions it has been suggested that approximately 40% of shareholders currently intend to support the resolutions proposed by Neon and Nero. That figure may or may not be correct. If that figure is correct and you support the current Board then clearly you need to vote."

This figure may or may not be correct........WTF??

I'm still inclined to vote against the resolutions because I don't like the past form of these new guys and I don't believe they offer any better chance of bringing a corporate transaction than the existing mob. Also I don't want to see a fire sale approach to any transaction.

This project is becoming more valuable day by day.

I calculated Hawkes Point's  average price to be 9.4 cents when the incomplete RRL proposal hit the table.

https://hotcopper.com.au/threads/an...-speculation.4450844/page-52?post_id=35805749

Also remember RRL's incomplete offer that got rejected by Hawkes Point was 11.4 cents.

Also the projects fully diluted value based on the last NPV produced of $243 million (8% discount rate) is 31.6 cents. The gold price is up since that figure was produced and there have been some changes to the timing of capex and cashflows so hard to say where it would be now if it was recalculted.

Remember that if a TO comes the expert report would use the NPV value as one leg in any value range calculation.

I personally think all the directors and want to be directors need the sack for causing the share price to be so undervalued.

I'll be willing to become the CEO for half the amount we are paying the new guy. From here on in it's just a matter of finding highly skilled and motivated senior managers to do the job. Better that money goes towards finding the best qualified and experienced candidates for the key roles. After all we have a turn key build model if my memory serves me correctly and now contract mining. So just hire a very competent mine manager to turn the key and let the contractors in the gate and let's get on with it.

This soap opera needs to end and the CEO needs to show us he is worth half the money we are paying him by getting this project up and running. Esh