MATSA Paul Poli and Team, page-12

Salaries of top management always creates divided opinions.

Yes, whilst total remuneration was $940,000... actual cash payment (incl super) was $640,000. The share based remuneration only includes options which have no effect on MAT (unless actually exercised at 17c). At current 23.5 mill mc, really the ‘suck dry’ will occur after 35yr+. Not that I think this is a good reflection of how remuneration should be measured, just trying to show the actual cash flow effect of remuneration on MAT.

PP himself only walks away with $330k cash, maybe slightly above average (from my expereince around $300k is average for small cap). However, other important aspect is his holding in MAT. Over past 6 months, he has injected approx $150k. 100k in recent cap raising plus other small buys throughout year. Half of his cash salary is going back into company, difficult to find these days… imo shows his commitment to the company.

Just remember, that someone with that size of shareholding wants this thing to succeed just as much as you do.

I think PP realised that Red October is not what it was potentially made out to be and has pulled that plug… not the most ideal situation but at least he has recognised the mistake and is restarting with a new plan… better than continuing on the old path. Majority of other decisions made by management over my time in MAT have been accurate and positive... sale of Mt Henry to Metal X, purchase fortitude mine generating $1-2m, purchasing red dog mine generating $4-5m. I remain positive on this one, I don’t think market cap reflects share price… annoying I know.

Just my take on things, I understand if others have different opinions. Goodluck to all.