AGM Report

The AGM was conducted with an upbeat and convivial spirit.

Miscellaneous comments were:

- Re Sovereign: "right rocks", "right age", "it's complex - its what we want", "didn't drill for sulphides but we found sulphides", "looks bloody exciting"
- Will be back drilling at Sovereign after crops come off and at Junee when it stops raining.
- DEV currently employs eight highly experienced geos across the country
- If something significant is found anywhere there will likely be a CR to take advantage of any price spike but there is no urgency for a CR. Shareholders will not be given an entitlement to any CR if it needs to be done quickly
- AGE which has a MC of $190 million regards the DEV tenement as better than their's. Based on that, TG said that on the strength of Nabarlek project $100 million of value could accrue to SHs at some point

Answers to question:

- Sovereign assays are expected in 4-6 weeks
- access negotiations are continuing on E 70/5365 and E 70/5390. Nothing else to report there.
- BB wants to hold onto the PhosEnergy equity for a long time as he reckons it it going to be worth a lot. It does not factor into any current financial projections.

Spinach & ricotta canapes, florentines and brownies were all of a fine order.