Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-61

Hi Writer

Congratulations on a great post.

My view from the outside, is that I am always amazed at the number of activities that Ian has on the go at one time. With the small number of staff he has, it has been a huge ask.

Which brings me to the conclusion that this is not your ordinary listed company. Ian is a founder manager. He manages the funds he has available very carefully. I often wonder how he achieves what he does with such meagre capital. There are often suggestions from the sidelines that he should have a capital raise, employ more staff and get on with the growth more quickly.

I admire the fact that he will not just employ anybody. He sets a very high bar, and if he can't find just the right person, he won't employ anyone. Hence the frustration of many shareholders. I personally can accept this approach but it does slow the growth path down.

It is not going to be a quick return for anyone that is looking for an overnight success. However, provided Ian can sustain his health and drive, I think we are onto a long term winner.

Cheers

Westwind