Ann: Capital Raising Presentation, page-35

I like you am very disappointed with the way HGO has turned out.

I also think that things could have been done differently.

It would have been brilliant if the giant pit had made us all rich.

It would have also been brilliant if Lachlan had been able to run the company on the smell of an oily rag after processing was finished and got to a bankable DFS without having to raise more capital.

You maybe could have done that, but Lachlan being as close to the action as a good man can get wasn't able to. But that is history.

You say there are no positives from a 3.1 cent capital raising.

The fact of the matter is there was no future for HGO without a capital raising. Thats an undeniable fact, hard as it is to accept. Lachlan had run out of time to hope for something better he had to fold the company, or raise capital . There will always come a time when tomorrow will be too late.

The capital has been raised and the path to a DFS secured which is a massive positive for HGO's future. Was 3.1 cents too cheap?

The market doesn't think so.