Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-44

"The Company notes that Mr Wilson’s career appears to have primarily been as an investment advisor andhedge fund manager. With respect to resources industry skills and experience, Mr Wilson’s biography showsno skills or experience in exploration, mining, metallurgy, vanadium, titanium, iron, project evaluation ormining project financing. With respect to business skills and experience, Mr Wilson’s own biography showsno experience as a director or senior executive of an ASX-listed public company or any particular skillsrelevant to the development of complex mining and resource projects."

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