Ann: Chairman's Address to Shareholders, page-20

Hate it - yes I hate it all. Thank goodness JandJ are way in the black, and our final small holding is free carried. OK? Why.

JVs - thats why!! IMO JVs spell death for small cap speccie stocks, invariably the SP goes to bottoms and nobody is interested any more. Look what happened to AZS, AQI, and what's happening to VMC, ICG. (all companies I held thru the JV horrors) Can anyone tell me of one where the junior came out of the JV strong.

Example, the JV on our Iti discovery - we give away 80% for free carry to decision to mine and finance arrangements, by the time we trade equity for our share of the capex, we will own 5% if we are lucky. And it was our discovery, we took the risk and stomped up the riskiest capital for it and we end up with a bit of old shoe leather to chew. Successful companies develop the mine themselves eg SFR, but this company does not have the spine for it.

Now - to my horror - they have spread the tentative word of a JV over Salobo with a major. Death by deep cuts, but of course plenty of cash for 'company overheads' including the boardroom whisky allowance.

After that talk by the Chairman of CTM and AQI my target is 2c, and on watch. No multibagger here.