Annual General Meeting, page-27

Well, I attended the AGM today. Here are my impressions. Remember, do not make any investment decisions based on what I do or do not say. I could be wrong with all of this or I simply misunderstood.

Firstly, full house at the AGM. I don't believe it was particularly fiery but SJ seemed to me to get a bit frustrated at the reaction to the Chile stuff.

There were quite a few references to HotCopper at the AGM, so you guys are definitely being noticed They're not happy as they perceive themselves to be working hard in shareholders interests & then they look at HC & they see themselves being defamed (and that was the word used)

Not happy about the defeat of the remuneration report & we got a bit of a dad lecture from several parties. The claim was they could all get other jobs elsewhere. That they are working hard in shareholders interests yet are subject to all this criticism. However, SJ piped in that this was his only job & he has a very strong vested interest in working for shareholders & his own super account was looking sick because of the poor share price.

IG only survived because he voted his own shares in his defence!

Chile 3 years to build land position, they claim it is a genuine prospect not being recognised by shareholders. They seem to be aware of the criticism from shareholders so my impression is that it is on the backburner. They see it as a genuine attempt to add value not as the cynical exercise share holders see it as. SJ refered to it as a "2D discovery". They were not expecting a uranium "hit" but got it.

From memory, I think they said they've spent $450,000 to $500,000 on it. They claim it is one of the best places to go mining in the world. Power an issue, water maybe not so much.

Not happy about the lack of recognition about being a producer.

B4M, they have man who goes monthly & does some sort of verification. They also subscribe to a shipping notification service, so should anything be shipped out, they should know about it.

With regards to the 15%, my impression is that AGS say it's the area under development whereas Q/H assert it is the ML.

Management are restricted by ASX rules from spelling out certain aspects of the value of B4M going forward. That's why you get the one-liner about $40US & 0.90 exchange rate. They invited shareholders to plug in their own numbers to get a picture of how valuable it is to shareholders.

They claimed they attempted to get debt finance from the "big four" but could not.

For the time being, the dilution appears to be working in our favour for 2015. For example, we get all the income but none of the costs.

The claim is that IG is the one with the relationship into ITOCHU.

They are large shareholders so would like to see a dividend.

With regards to the sale, potential acquirer's could not come to terms with the confidentiality agreement & did not access the data room so could only assess on publicly available data.

They come across a lot more impressively in real life than the announcements seem to suggest. Even JD comes across quite well which really surprised me.

The big problem is Q/H. Could not get access to feasibility study, so did their own. No production agreement so relying on JVA. That's all for now, if anything else comes to mind, I'll let you know.

Oh yeah, I mentioned a forthcoming announcement a few times, so keep an eye out for that. I *think* it might resolve the funding issue.