Ann: Response to ASX Price Query, page-30

The HPA spend was a lot more than $5M, it was closer to $10M. There were basically 2 years of only HPA newsflow. I remember coming to the end of the HPA focus, I counted 22 price-sensitive, HPA announcements in a row (I was starting to get over it myself watching my investment decrease to a paper loss of around 80%) because during that time, the share price only deteriorated with each HPA announcement. It was a difficult time for all long-term holders because we lost significant value in our investment, down from around a 6c high during that period from memory. I was accumulating along the way and did most of my large buys recently around 1c-1.2c because I saw the potential in the TC project and love the geology there. It is probably in the top 3 projects in my portfolio at the moment and I have over 20 resource stocks.

Having bought most parcels recently in low 1c range, I am currently just under break even. This goes to show that when the market is fearful and the sentiment is low, that is the time to buy IMO. Under 3c is still a bargain IMO (management know hitting 3c minimum is a shoe in with the way they structured their performance rights). They know how prosperous TC is! Anyone buying in now is getting an absolute bargain Imo, especially with the current global gold sentiment. Also, I am not just saying that either because I want you to buy my shares I am going to sell next week lol, I am a long-term investor and have no plans to sell this stock until we prove up an economic Cu-Au deposit and have started mining.

Also, Money made, you forgot to mention it is not just Au at TC, there is a ton of Cu and other base metals in the region too! Obviously gold is the sought after commodity at the moment that the market is talking about. But at some point in the next few years before we potentially start to develop any economic deposit we may find, the market will reverse for these other commodities too and make KRR even stronger across the board.

Hopefully we see a nice market day tomorrow and potentially news of these other geophysical targets during the next week or two.