Ann: Melbourne Mining Club Presentation, page-9

Have been reading back thru announcements to get my head around the Southern access ‘negotiation’. Not sure that’s the right word though. More like just the phrase ‘no’. Have been concerned for the past two years that we cannot get back past the $1.00 initial cap raise after discovery. It’s a pretty strong tell that something is awry here. The other feature that struck me was how bad news followed on close after strong drill reports (eg Tasmanian project, Qld project results, BCD legal dispute). This may be having the effect of capping shareprice. The land access issue is clearly a drag on the company producing a resource statement and in the meantime the company overheads plus drill out are burning very significant amounts of cash. CC seems to be doing a ok(ish) job but I’m not generally in favour of having exec chairmen. I think CEO being overviewed by industry respected chairman is cleaner and provides more targeted outcomes. Am largely sold down here, I am finding it difficult to see how this plays out until they get Southern access. If it needs to go to court, that’s likely to be another year? at least?