Ann: Letter to Holders and Notice of Meeting/Proxy Form, page-10

Oldcar, obviously you know the pitfalls in this business. A sensible question, “ if Tombola gold process plant manager at GAM doesn’t know what the run of mine gold grade is, how can he know what the Gold recoveries are?” Assume if the tailings grade is say 1g/t gold how do the work out what is the grade recovered if they don’t know the ongoing grade? Obviously they can work backwards after the gold pour but to manage the leach time, I can’t see how they can balance the SG, reagents and resonance time to get best recovery. Then we are told the HW mine manager was personally high grading the first truckloads, won’t that interfere with the low or medium grades in relation to cyanide, leach times forward going data? It just seems laughable that there the company doesn’t know the gold grade. Then there is the two way chatter on the dump trucks. “Anyone know where this load goes?” Nah! It’s a suck it and see outfit. So Oldcar is it possible that TBA is a surviveable entity? You mentioned Lorena, I think there is $5m cash left to pay and $2.3m in stock at 6c a share for Lorena and another $1.5m for the True North Copper beauties as well as 75m shares. I will shine a light on that deal on 25th January 23. You’ll be dumbfounded. Anyway we just continue down the track with this 3 wheeler.