Ann: 2 x Gold Royalty Update, page-9

Don't get too carried away Coasty89. Now don't get me wrong. I am very pleased that MXR has these arrangements in place and if they come to fruition at the right time those cash flows could be very beneficial. However....yes there has to be ahowever if we are sensible......these royalties are not guaranteed to happen nor have we any idea when if they do happen. In my opinion the Yandal royalty has a greater chance to happen in a fairly straight forward manner. Once YRL has carried out it further testing and makes a decision on what it is going to get stuck into then that should be a case of away we go. TZN has a few more hurdles to go to get approvals for developing Bird-in-the-hand. Now if it gets approval then it could be a very lucrative operation and that might be a telling point in its favour but it is less straight forward in my opinion than YRL's projects. Personally I hope that both companies are successful in actioning their projects but lets not count the chickens in this case.