Ann: Restated JORC Resource of 3.55Moz Au for Mining Right, page-158

Some thoughts from me:

1. Selling post-MR wasn’t massive. 30m shares or smth on Wednesday-Friday is a tiny % of overall SOI. It might have been a combination of people not seeing the spike in price they were expecting, weak hands (gee when I see it fall after MR I wanted to sell too) or a certain number of individuals somehow in the know. We see that Wingfield, DRD and most (if not all) of the Top20 (inc directors) were not acting.

2. DFS we are waiting now doesn’t even take into account these specific areas now excluded from the resource. Impact on the Reserve might not exist. The company is still going to mine 60k for 20 years from Shallows most likely and that is the valuation of 1st stage only. So whether it is 4.4M or 3.5M of resource - the numbers are quite conceptual at this stage with scope for upside from the existing tenement.

3. Even considering the above, presentation of the resource numbers by the company and/or release of the MR Ann should have been handled better to avoid the negativity and loss of trust.

4. Whatever direction the SP takes on Monday, I think we need to keep in mind the stage the company is at… DFS next month and site establishment in September. I hardly doubt that a company at that stage and with these resources should be valued below 100 MC. (That’s if there is no outlandish bull with DFS or funding or something else)