shareholder letter, page-12

Bandit, here's some info for a comparison between the two camps.

Denis McInerney - took over as MD of GPN (now PDY) in April 2005.

GPN had 320m shares on issue and owned 100% of the Gabanintha Vanadium/Titanium/FE Project and Nowthanna Uranium Project, both with JORC resources.

Scook Assets Acquired -
2005/06: Desert Resources (100%) for 450m GPN shares. 58% of expanded GPN

2006:Australian Uranium Ltd (51%) for pro-rata cost of tenement expenditure.

2007: Apogei (80%) for 220m GPN shares. 22% of expanded GPN

Total percentage of GPN given to Scook related companies = 68% of expanded GPN, being 670m of 990m shares on issue.


Note: Percentages given are accurate as per the date at the time and no longer reflect the current position
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YRR spun out of GPN in Feb 2007. GPN retains 40m (escrowed for 2 years) YRR shares (70%) out of a total of 57.5m


YRR assets at listing - Gabanintha Vanadium/Titanium/IronOre Project (100%)

Nowthanna Uranium Project (100%)

Australian Uranium Ltd (51%)

Scook Assets Acquired - 2007: The other 49% of Australian Uranium Ltd for 39.2m YRR shares. 40.5% of expanded YRR
2007:

Apogei (20%) for 6m YRR shares. 6% of expanded YRR
2007: Cabe Resources (100%) for 85m YRR shares. 45% of expanded YRR

Total percentage of YRR given to Scook related companies = 69% of expanded YRR, being 130.2m out of 188m shares on issue.

NOTES: GPN now diluted to just 21% holding in YRR as a result of YRR/Scook deals.

Original YRR holders now diluted to just 31% of Gabanintha & Nowthanna JORC projects.

GPN holders (at YRR listing) reduced to less than 7% holding in Gabanintha & Nowthanna projects through YRR dilution.

Scook related companies own 69% of Gabanintha & Nowthanna projects in return for vending unexplored land into YRR.

In effect Scook companies gave up just 31% of the vended ground into YRR by virtue of now holding 69% of YRR.


Note: Percentages given are accurate as per the date at the time and no longer reflect the current position
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AGU listed on ASX in August 2007. 50m shares on issue after a $5m IPO capital raising of 25m shares @ $.20

AGU assets at listing - Murraba Resources (100%) acquired pre-float from Paul Taylor (Mr Scooks Son-in-law) for 13,680,000 AGU shares and
Blue Valley Investments (Mrs Michelle Braysich, wife of broker Jefferey Braysich who was convicted in Nov 2007 of fraud along with Mr Scook) for 5,320,000 AGU shares.

Scook Assets Acquired - 2007: Haven Resources (100%) for 20m AGU shares. 28.5% of expanded AGU

2008: Jarra Resources (100%) for 60m AGU shares. 46.1% of expanded AGU

2008/09: Amitan Resources (32%) for 19m AGU shares.

99m AGU given to Scook related companies out of a total of 149m = 66% of AGU.

Note: Percentages given are accurate as per the date at the time and no longer reflect the current position

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Point of interest:

Total value of scrip issued by GPN = $17.56m

Total value of scrip issued by AGU = $10.184m

Total value of scrip issued by YRR = $59.183m

Total value of scrip issued to Scook related companies during McInerney's reign = $86.927m

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Something else to think about:

Most of the land has since been relinquished and Whitvista (Scook controlled) has since picked some of the leases back up and put them in Durado Resources (DUO).

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And now for the irony of it all:

The Peak Hill leases which GPN paid 450m shares for back in 2005/2006 was promoted as being capable of hosting 10 areas with potential of holding 250k oz of gold each. Drilling confirmed the existence of bugger all. Now the land may hold in excess of 5bt of magnetite ore and 100mt of hematite ore.

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Now the present:

PDY: 2009 - Issued 714m unlisted options at .003c each raising $214,200 upfront. The options have an exercise price of 1c, with a piggyback option issued free with a conversion price of 1.5c if the original options are exercised prior to June 30 this year, or 2c if exercised after June 30.

April 2010 - Issued 155m shares at 1.7c with a free 1:2 option (77.5m) with an exercise price of 2c.


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AGU: 2009 - 94m shares issued at 2c each, together with 94m free 2c options exercisable at 2c.

70m Partly paid shares at .001c each, raising just $7000 upfront and a full price of 2c.

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YRR: 2009 - 89,250,000 shares issued at 3.9c each, with 89,250,000 free options exercisable at 3.9c.

80m Partly pais shares at .001c each, raising just $8000 upfront and a full price of 3.9c.

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Point of interest:

The AGU & YRR capital raising are very similar in nature.

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The above is a short summary of the deals. The Scook related deals involve numerous private companies and I don't have time to break them down further, though for anyone interested, go back through all announcements since April 2005 in GPN and 2007 for YRR and AGU. You can find the names of them all and follow them up for the full details of the office bearers and shareholders.


The above details are to the best of my knowledge correct. Please feel free to comment and correct anything that may be wrong or expand on this post.


I won't comment on the letter from DM as its best left to lawyers to sort it out. My personal view of the unlisted options deal was it was most definately not in shareholders' favour and shouldn't have gone ahead.

Maybe while DM is fired up he can get the AGU & YRR partly paids deals looked at as well.

Two points I must make: Firstly I questioned Denis McInernery about Whitvista at the 2007 GPN AGM. He denied any knowledge of Whitvista despite Whitvista being mentioned in the YRR prospectus (remember YRR was spun out of GPN during his tenureship) and some ASX announcements. GPN was originally situated next door to Scook in Aberdeen St, Northbridge and Whitvista was the company which held most of the tenements vended into the 3 ASX listed companies. And secondly, at no time can I remember AGU, PDY or YRR ever offer the shareholders of the time to participate in a share placement whilst diluting each company by around 65%. Not once in 3 years whilst issuing over $80m in scip between the 3 companies. Just some food for thought.


I'm no fan of either this current management or McInerney, or for that matter Remta when he was there. So far I have seen very little evidence of any of them working for the good of shareholders, though this is just my opinion as an outsider looking in.

Good luck to you all. I hope there is some value left for shareholders when the companies eventually reveal their true worth to the market.