Ann: Notice of General Meeting/Proxy Form , page-5

Disco, EMC2,

You have both made mention of the fact that if RMS drill deeper and find substantially more gold that will benefit BCN greatly. That is not true at all.

We will receive total royalties of $12.8m for the first 100,000 ounces. I expect this to happen.

However, we only receive 2% of the value of gold after that. So say for instance RMS find 200,000 ounces, BCN will only receive roughly $3m for that second 100,000 which is basically nothing.

I have always wondered why Darryl did not drill Barlee to depth so to be honest if RMS do and find a heap more than 100,000 ounces I will be pissed off.