agm - excellent confidence, page-26

posted this (see below) in the "agm tomorrow" thread. Nice to see you pythag. Stured, wish I'd known you were going to be there would've hooked up for a lament RES coffee!



Just back from the agm. For those that were there I was behind the guy in the light(and bright) green polo shirt. Pythagorus was there (nice catching up).

Nothing huge re announcements. Interesting points for me:

1. Construction timelines and dollars will be updated with the submission of the DFS (by end of Q1 2011)

2. Question re exerciseprice for Directors options answered in two ways. Firstly the docs were submitted 6 weeks ago and the share price then was much lower. Secondly from the day they joined Directors have had access to sensitive info (not in a form that could be announced) and GJ advised that they do not buy on market.

3. An elderly lady in a Pink top asked re Share Consolidation. GJ pretty much said it will happen but they will try and tie it in with the release of a major positive announcement

4. Cash burn is likely to average $2M/month for next 6-8 months to complete infill drilling then it will taper off.

5. All current budgets focus on SDL building and owning all infrastructure (port and rail included).

6. More than one party carrying out Due Diligence re finance negotiations. No exact timeline given due to the nature of negotiations. The board is very happy re having multiple parties interested.


I'm sure others will have other recollections but these were the main points from my notes.