Ann: HORN ISLAND FINAL RC INFILL DRILL RESULTS, page-18

Seems to me that people want the directors to magic results out of nothing. The only reason we’ve seen the share price drop is because there was either no thing to report (back log of results almost across the board - same for Alkane and others) and a very unexpected withdrawal of SBM from the JV. When you look at the volumes of stock that have been sold, it’s clear the weak hands have shaken the tree and less sophisticated smaller traders have run off the cliffs together with the rest of the lemmings. It was bizarre to see such an exodus of small shareholders in response to the SBM withdrawal given Horn island already had an inferred resource of 500,000oz. SBM have only done limited drilling on horn and since they commenced works there their market cap has dropped by 1bn. They clearly need to sort their own house out whilst we have continued to drill and improve the understanding of our opportunities. That’s what junior explorers are supposed to do. Hopefully the good news will continue to land and it’ll be owners and upwards for long term players. Well done Andy and team, very clever to have the best explored the excluded zone and accordingly increased significantly this higjlynprospective resource.