Ann: Mahalo North Update, page-29

I honestly do not know how anyone could support this slow cash burn strategy we have in place. We have overheads and management of a production team with no production.

All eggs in one basket. All bets on Mahalo but at the same time we constantly blame our "slow" business partners on the lack of progress.

Meanwhile we have:

• A Chairman + 5 Directors
• CEO / CFO / Company Secretary / COO / GM Exploration / GM Development + a Lead Geologist
• Assuming all of the above have 1 to 3 staff members - Let's say we have circa 20 to 25 staff + the Contractor's & Consultants we regularly use.

In 10 years, and after say $70M in Capital Raises, we have:

• 1 Acceptable Asset;
• 1 Set of Reserves;
• 3 Exploration Targets;
• A Market Cap 86M;
• With NO MAJOR STUDY or FID Complete

And people people want us to believe that this crew has been absolutely working their arses off?????

In what century and planet is the above a reflection of absolutely working your butt off and a good result??????

I can only say wow to some of the commentary above...