Ann: Becoming a substantial holder, page-8

Fascinating to see a "Long and Short" fund becoming another major shareholder with more than 5% ownership. These folks have clearly been slowly but surely accumulating ahead of the initial resource estimate for central Hemi. I can only imaging that they are betting on either an upside and long-term mine given a lot of the risk had been taken out by the great drilling results and metallurgical results, or, and possibly more likely, that they are positioning themselves to be in the drivers seat if there is a takeover offer by a major once the MRE is out and there is upside indication from Scooby etc. A quick deal with the couple of the big institutional holders would allow a major to enter very rapidly if the right offer was made. Will be interesting to see if this show of the cards held will influence others in this poker game. I'll be amazed if it doesn't. This gets more interesting ever day