Squeeze-Out

I canonly agree with Rogue Trader. “They just screwed everyone & paid well forit.” In doing so, we are sitting - it isunbelievable - on high assets that just have to be dug up.

Basedon the cost of the feasibility study in the report of August 3, 2018, withexpected gold ounces of 1,585,000, the current profit would be
$ 2.077.684.000 as seen below.

Operating Costs

Mining$247,8/ozrecovered

Processing$225,9/ozrecovered

Siteand Regional Admin $77,7/oz recovered

TotalC1costs (Lom) $551,4/oz recovered

plus

Corporatecost $42,2/oz recovered

Royalties$48,7/ozrecovered

SustainingCapex $7,3/oz recovered

Totaloperating Costs $649,6/oz recovered

Cost for contained gold ounces 1.585.000 oz=1.029.616.000 $

TotalCapital Costs 157.800.000 $

Total Costs 1.187.416.000 $

Revenue per ounce

goldprice of US $2,060/oz 1.585.000 oz = 3.265.100.000 $

profit 2.077.684.000 $

This does not even include the resources for ore and fantasies fordiamonds and other resources for gold at the Hutabargot exploration target,where results have also been encouraging.

A share price between A$ 0.20 and A$ 0.50 should be possible with thecurrent price of gold and the other resources.

In fact, it doesn't matter if the price of gold is rising or drillingresults are good, Sihayo's share price is falling and falling. The promisesmade by the management in all the ANNUAL REPORTS, announcements and projectupdates that everything will be done to increase shareholder value seemsdownright mocking and grotesque. Many thanks to the management. It's quiteextraordinary what we have achieved with this highly skilled and dedicatedmanagement team!!!!

If they intend to squeeze out, they should do it now in compliance withAustralian takeover laws and pay the small shareholders a fair price, so thatthe tragedy finally comes to an end.