Ann: Euroz Hartleys Conference Presentation, page-20

Hi Sabine

I’m also eagerly awaiting news on Carabella.

I’m not sure how much they will receive in royalties per annum from the bluff divestment, but as you say, if they could get 10M per annum in royalties there too that would be a nice cash bonus. I understand that bluff is expected to be mined for the next 5 - 6 years. That a nice little earner going forward.

The shares are escrowed for 12 months. I understand they finalised the sale of Bluff start of January so it’ll be Jan 23 before they can look at selling up and realising the gains there.

I did sell a tiny portion of my position at 87c with the recent small run up (My portfolio was too overweight in one stock) but will hold the rest for now.

Little bit disappointed there have been no news recently on contracts and that got me a bit worried. Hopefully their work in hand position is still solid.