Ann: Non-Renounceable Issue, page-5

Perfectly put, Trifke.

Pouring further funds into a deep drill hole at Maronan wouldn't add significantly to the value of the project, especially in terms of a JV. Maronan is (close to) a half a billion dollar NPV project (as is). No need to add to the 105 million ounces of silver we currently have. Any increases in the price of Ag will make the project even more compelling (than it already is). Strategically, much better to explore our large LH tenements in the "zinc belt". Excitement (within the industry) is building around our tenements & I am fairly confident that there would be JV suitors keen on a piece of the action right now. RDM is choosing to retain 100% interest at this stage & allow us a chance to fund and benefit from any discovery. Very exciting times ahead.

For those of you who will be abroad between 21 November (when the paperwork will be posted) and the 30 November (when the paperwork needs to be lodged), you can contact the registry, identify your holdings & they will email the form to you.