Ann: Notice of Annual General Meeting, page-7

Hello Ducky,
You seem to be in a bit of a flap. My view on the volume traded recently is not to justify the low strike price, because retail share holders like us are not at the forefront of the boards mind.
I agree the strike price for performance rights is very low and can offer a few thoughts:
- the recipients believe their remuneration being on the low side to limit expenditure during this time should be bolstered as the capital value increases
- and/or the SP will certainly rise to these levels , so they are on a sure thing.
- or, they are not confident the UG will proceed and therefore the SP will be valued on PHES and property.

I had a look from the road over the W/E to follow up from foyts previous inspection. The rig to the north is still there. The drill to the east has moved over the road to the NE alongside rig 3 that had been already operating on land not owned by HGO. The land north of the pit is also not owned by HGO. I could only see these three from the road.

If any HC members intend to attend the AGM, can I suggest an informal gathering in Adelaide or perhaps near the mine site?

Stay cool Ducky, no news is .........

Moyston.