Ann: Change of Director's Interest Notice, page-17

2ic

Like several of the long term holders I am sitting on 6x my money,but that has taken years so it feels pretty good and with the generalenthusiasm towards the company it's natural that many hope that the SP risewill continue. I am not experienced enough in mineral resource estimation to comment on your numbers but I think your premise is to introduce realism to the valuations now ascribed to SVM - $300M is high for a project with no mineral resource, let alone scoping or PFS etc. I have this nagging thought in the back of my mind that it is probably prudent to take profit, at least to some extent. I agree that Sprott are only going to talk this story up, and country risk is obvious; who knows what the Malawi govt will do tomorrow, or what the govt will even look like, although I am encouraged by the incumbent who seems a lot better than his predecessors.

So I have a question: therumour is that several of the large miners are having a look at this resource; thisseems natural enough given the potential size/environmental cred, but I doubt thisis anything more than kicking the tires at this stage. However a buyout by a large miner would be nirvana for most of us SHers. In your experience at what stage would a major mining house move on a project like this ? Would they inevitably wait for the DFS or could this come earlier say post scoping study? I won't hold you to your comments and appreciate anything you can give as purely an opinion etc. Thanks in advance