Ann: Africa Down Under Presentation, page-43

All I know is that the longer the DFS takes, the more billable days the directors can attribute to it.

Either provide a timeline that matches with what was said at the investor presentations, or go on a salary.

I just cannot understand how people cannot see how counterproductive the current pay structure is for management right now. Dragging things out is in their best interest, not ours and there is no real reason for that DFS to be planned for so long.

We can drill all we want, the reality is those drills cost money and we are the ones who have to front the cash. We should be aiming to be profitable asap with minimal dilution, and for me this project has a very clear path to profitability.

1. Complete PFS
2. Complete DFS
3. Arrange funding for mine (offtake agreements/loans/capital raise)
4. Built a 1mtpa plant
5. Make 30m/year net profit

This is the path with lowest risk, minimal dilution to shareholders & quickest way to profitability.

After this point, we can drill as much as we want and upgrade our processing ability without needing further cap raises. This path also reduces likelihood of business failure & reduces perception of sovereign risk - money talks, and once we are making $$$ BGS cannot be ignored. Our MC will skyrocket at this point and institutions will get in on the action.

You could argue the best path is to sell the asset. I think that it is quite clear we have a monster asset that is worth more than what a TO would offer. Earlier this year an offer for 105mil came in and everyone seemed angry about it. Well, that was when we had 16mt of resource and none of these extra zones. To sell for 200 mil now would be plain stupid, personally I wouldn't consider anything below 500mil but I think that is unlikely to eventuate. I also think there are too many ST traders who would be happy walking away with pennies on the dollar.

The only thing that is time sensitive is production - speed to market is critical. The resource is not going anywhere - we can drill the resource whenever we want. October drilling then full speed ahead DFS.