Ann: Bankable Feasibility Study Activity Slowed, page-414

Tran - thank you for your ongoing analysis and generous contributions.

Surely, if nothing else - the decision to spend $12m on upgrading the BFS to look at 20mtpa seems like a monumental waste of money, and an ill informed decision. At the time that decision was made, the economic headwinds Bryan spoke of in the last ann were forecastable and a given.

To back away from it now is an inadvertent admission of negligence and an inability to plan. Combined with the LDA funding debacle, my long standing support for our management team is being eroded faster than my capital.

Bryan will now suggest we increase our SOI (resolution 12) at the AGM to raise more money to re-examine our options. Seems like the money for the 20mtpa BFS should have been spent revising the old PFS.

Any shareholders who are left need clarity and confidence that this will progress, I’d like to see the following:

1. Board admit to a massive oversight and poor planning. Macro conditions are called that for a reasons - they are forecastable on a macro scale!!

2. Board shows us they support the coy, invest at these levels by buying on market. Bring out some big 3Y ann’s.

3. Provide immediate statement that even at a 5mtpa we have support of major JV partners, and CITI is working out who the best option is.

People invested in the boards overt confidence, conga line of offtake partners, JV rhetoric etc. If those things are all still true, then the only thing that needs fixing is large scale confidence in the board.

if they can’t repair sentiment - they have committed career suicide by cocking it up so badly.