Ann: Response to ASX Query Letter, page-16

Bob, I don't mind the cattle station.

But I mind being misled, or better word, held back from the true facts or wrong facts.

Ie. 1m Cashflow?
Is it 700, 1100 or less cows?

One thing I also noted, they hurried up because another company was interested. I believe red5.

Generally these things are commercial in confidence, so how did they know someone else was interested?

Another is they had been operating out of there well before they found out owners were keen to sell.

They never informed the market that fact, that also opens up questions as to did they get the best value.

Ie in bed first. Not saying anything went on. But did that leed to slack due diligence, because they thought they knew better? Hypothetically.

For 3 critical errors here, someone has not done there job at all.

I am very surprised with the chair being a lawyer, not all boxes were ticked

Quiet frankly that is not acceptable when it is others money, shareholders.

Today, they owe 1.5m still. It was also announced they are cutting back exploration.

So to me the station, sure it provides cheaper accommodation, usage of earth moving equipment.

But it has got them in a financial squeeze.

Had they not bought it, that 1.5m would not be there and the millions spent, could have drilled another 20,000m.

Or better, had the 1m Cashflow been validated pre purchase, not in this position either.

I also not asr, has loaned 1m to tarmoola outside the purchase.

I love there ground, like what claudio is doing. But I have zero tolerance to screw ups.

Truth is at the heart of trust you know.

So I am watching asr with a smaller stake, until they redeem themselves.