Ann: Registration Of Scheme Booklet With ASIC, page-2

Hi all. All quiet on the ORS front. Not surprising as we’ve been vanquished already; reduced to a Hobson’s choice, between “something or nothing at all”.

Has anyone read yesterday’s weighty announcement? Scheme? Heist? Call it what you like, but you should at least have a look at page 12 of the IER to see what we’re being coerced into “giving away”.

With the directors having spent all our cash, and ORS required to repay Gandel Metals loan in full, we’re about to lose our 4 WA assets/licences, whose prospectivity and true value is known only by a few.

If shareholders approve the scheme and repayment resolution then Gandel Metals will gain 100% ownership of these assets, to manage privately in whatever way they deem most profitable:

1. Burns Copper-GOld prospect
2. Quimby Gold prospect
3. Lisa's Dune nickel sulphide prospect
4. Yalca Hill nickel sulphide prospect

Without shareholder approval .. well, the threat is there, written large on pages 10/11, from our one and only “independent” Director.

Well-managed Board. You get to keep your salaries.

Good luck all longs. Looking at AYC’s cash problems and imminent share dilution, it looks to me like we’ll need it.