Ann: Equity Raise Investor Presentation, page-16

Hi OV, thanks for getting it, I was trying to be tactful.

The November Hemi Update was out of step with the annual timing. And it was a blockbuster, derived from the latest drilling used for the DFS, particularly I think to underline the underground potential in the DFS.

To be blunt, the question is where can we find enough inferred resources for the update from the last 6 months of drilling so as to avoid a stupid overreaction if it disappoints. I haven't seen it yet at Hemi or regionally. Suggestions and discussion welcome.

Personally it doesn't matter to me because I'm here for the long run. And history tells us management don't care about the pump and the day to day share price, rightly so, they're laser focused on building a mine. PR is not our strength.

I should add I have no doubt that going forward we still have massive upside to the resource, DYOR, this is just a timing thing. Cheers.