Ann: 2023 AGM CEO Presentation, page-91

Usually, is that right? So x 10 the shareprice is good, no argument here however for what purpose? if your management and your aim is to encourage institutional investment to the register, then yeah sure I get that, but hang on we already have that right? And to add Oaktree would already be working on that, for obvious reasons.

The other motive may well be to shrink the size of the register for the purpose of being able to attract new investors when/if further capital is required. Hang on why would further capital be required when we are apparently going to be swimming in it next year? 2 mines should = organic growth based on the updated BFS for Mt Carbine and recent comments by Kevin in reference to Saloro. Unless Kevin was being disingenuous when he was asked recently if EQR were looking at further acquisitions when he responded with "we have enough on our plate with Mt Carbine and Saloro".

I have been involved in a few over the years and in my experience it's definitely not usual. It's easy to spook the market with talk of consolidation especially when there is no apparent need, reminds me of playing the sheeple, plant the seed so when it happens their prepared.