Ann: Investor Presentation, page-183

Hi speculator101

I always welcome hearing the pessimistic opinion. Worth examining each point, one by one.

* "Because of the issues the company has to date, not been able to fully rectify."

Not been able to fully rectify? Do you have any evidence for this statement? It runs entirely counter to the public statements made by management.

* "The small $20m raise worries me as not being enough. I hope I am wrong... "

Why are you worried $20M was not enough? If you are going to second guess the management at the very least offer your reasons for doing so... please.

* "From my many.... many losses... stocks that have no news, are usually staying quiet because, they have nothing good to say. There are exceptions like CMM, but otherwise, I am fairly negative on stocks that really need good news, but... are not able to release any (seems logical, but hope gets you no where in the mining industry). "

A correct generalization... but how is that relevant to CAI? Management has been forthright about the difficulties they encountered, both with an ASX announcement and a follow up webinar in which shareholders and other interested parties could ask any question they liked. Since then (just this week) CAI announced a "discovery"... this is not a commonly used term and is not placed as a part of the headline of an announcement lightly. (undoubtedly the ASX would have scrutinized that headline before allowing it).

* " If they don't break even this quarter, they will 100000% need to raise again."

Management gave a breakdown of outgoings in their recent webinar. The mining operation lost $2M last quarter. At the time of that webinar management had already implemented several actions to rectify the problems and since then the operation has also been fully staffed. Management also stated they will make money this quarter but did also state it will still be "sub par" and that it will not be until next quarter that things will run according to the mine's capacity.

You are expressing concern... on what basis?

* "The debt has to be paid down, and I really really hope that CAI don't play around too much with the debt and hedging, as my only hope for the debt, is that the rates were locked in at low rates. To re-finance now, would see much higher rates. Better to raise another $10m to cover next next 3 months of debt, that play banking games.... with bankers. "

Also information supplied by management in the recent webinar.... as a part of the loan facility there is a period in which a restructuring of the debt can be done. You have many concerns and it is welcome that you voice them. I would also welcome greater explanation from you as to why you have those particular concerns.

Perhaps you missed seeing the webinar? If so ... below is the link.

https://www.bigmarker.com/read-corporate/Calidus-Resources-Investor-Update?bmid=7a294364541b