Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-4

Disappointed at how things have turned out for this Company after Caigen stepped down. The current management is full of fluff, always hiding the ugly truth till the last minute and finding excuses for their delays or misses on guidance. Just shows how incompetent the exploration team and mine planning team was.

The updated mine schedule is at least a 15% downgrade of the DFS, why inflate the numbers by using a 5% discount rate when the project is 90% funded by equity? The WACC is gotta be 11% or 12% and not 5%. Fluff.