Ann: Chairman's Address to AGM, page-8

Foyt,

Thank you for your post.

I also I think "Steve McClare has done a great job at Kanmantoo".

Steve seems to be very experienced and from a lean background.
I am delighted to the Board reduce by one and I hope the overhead becomes lot leaner.

I agree Sydney office needs to be relocated or closed. The South Australian Government would consider HGO to be a Sydney company and I am confident HGO would rerate with the S.A. Gov if it was located to S.A.
Lets hope the S.A Gov gives $ incentives to relocate.

S.A. is a copper rich state and should promote successful companies assisting them to expand.

Real accountants should be close to the engine room/Mine Site. Therefore giving the real reporting to proactively assist with the running of a company. HGO is not BHP and to have TWO company secretaries is unacceptable.

I think "Steve McClare will continue to turn HGO around.

Time will tell.

Please DYOR.