Ann: Board Update and Change to CEO Incentives, page-17

These Options expire in 2 years, it means there is no guarantee these Options will be exercised at a time in case (IMO extremely unlikely) CAY needs more money in the near future. I just can't find a reason to justify us approving them. These Options will bring absolutely nothing to us SH and to the company. On the contrary, they will only further dilute our holdings unfairly. The CR at .045 is already outrageous, to include these Options is even more so. So I will definitely vote "NO" regardless there is a deal or not in the next few weeks.

"Your proxy form must be received by 10:00am (AWST) on 8 August 2022..." This means we still have FOUR WEEKS from now before we have to submit our vote. Considering:

1. MC conditions are finalised with Cameroon, the only thing we are waiting for is a signature from the Cameroon Mining Minister which could happen any moment.

2. Site visits have been arranged with Chinese and non-Chinese interested parties, some may have already been conducted. Offers could result soon after these visits.

3. Negotiations on TO/JV/OT have been carried out for months already and are still on-going. Potential suitors are likely just waiting for the signed MC and site visits to formalise their offers. This could also happen anytime, as soon as the MC is signed off.

IMO, anything could happen and happen quickly in the next four weeks. If we have a TO/JV/OT deal, seriously, will you vote YES or vote NO to those Options?

FYI, there is no change in my prediction, I believe 99.99% it's a Chinese TO deal, and it is definitely not a low-ball deal.

GLTAH