Ann: March 17 Quarterly Report & Appendix 5B, page-9

There is no point talking about the next quarter Walrus because Howe and co have backed the company into a corner and stuffed this up t0o much to change anything at this stage. As JS said in his reply, the salaries should have been reduced years ago. SH have been paying way over the top for years (probably $400K pa for 8 years). What dilution has this created?

IMO in Howe's feeble little brain he is looking at MNC having a certain market cap. Say it is $150M or even $300M. I don't think he has worked out that it makes a big difference to SH whether there are 200 mill shares on issue or 2.0 bill shares on issue. He will think what a "great job he has done" raising the Market Cap from $8.9M to $150/300M. I bet he hasn't a clue as to how many shares there will be on issue when/if gold production commences and what the price per share will be.

You tell me , where over the last 8 years has Howe done something that has added value for shareholders? What great thing Howe has done for shareholders? Why hasn't Howe distributed the Hampton Shares yet? What shares were there on issue on announcement of the CD Capital deal? What shares are there now? How much LTH have put into the Los Calatos project? How much has Lanstead and Redfield put into Los Calatos? (I can answer you this one - Zilch.) Why should Lanstead and Redfield between them get 40% or there abouts of MNC's Hamptons Shares.? Why did Howe keep stipulating the MNC was to be a mid tier copper producer knowing all along it was too big for them and that MNC would never mine it?

IMO there is only one reason and its not to do with having shareholders interest at heart. If I could do something it would have been 8 years ago and have put a BOD in charge where the members main concern was to get the best outcome from the "World Class Copper Resource" for shareholders, members who had vision and a plan to get this value, rather than a mob that stumbled from cap raising to cap raising to ensure their well paid lifestyle continued.

With a market cap of $300M and 500M shares on issue, this is only a SP of $0.60. Good for Lanstead and Redfield. How many LTH would be in front here? I would have a guess to say $300M MC is years away, if ever, and that there will probably be way more than 500m shares on issue. So you tell me what share price the great William Howe will be delivering for us LTH, 15c, 20c, 30c ????