Ann: 2019 AGM - Chairman's Address, page-5

I attended the AGM. Only Pat and Andrew were at the meeting and only Pat spoke. Lindsay is in London apparently trying to promote the Zambian assets.

Only 7 of us were in the room and three were suits (professions). I had a bit of a chat to Pat before the meeting started and there was a bit of general discussion throughout the meeting. The high/low lights of the meeting.

1. ARE are still holding AIS responsible for everything that went wrong with Torrens. Some of the anecdotal stories told by Pat suggest that this might be accurate, but it is hard to say.

2. AIS and ARE are in arbitrations, but AIS is apparently dragging the chain.

3. There appears to be no chance of restarting the drilling out on Lake Torrens unless AIS offloads their share or a new party comes in.

4. Pat was very positive about the 100% ARE owned ground. The estimated drill cost was around $350K/hole.

5. Pat seems optimistic they will get final approval by the end of the year. Apparently only waiting on one environmental signature. The estimated date to start drilling was March 2020.

The unaddressed issue was money. To get drilling on the 100% ground will need a couple of million dollars. ARE needs to do something special to get itself out of its current hole. I am not sure what this might be, but maybe Zambia will provide a spark. One thing is for sure and that is raising at the current SP will result is some serious dilution.

Personally I was disappointed that Lindsay didn't front up to the meeting. The communication from ARE has been terrible this year and if they want the support of the shareholders they need to improve their communication. Also the burn rate for this quarter is excessive considering there is no drilling going on. I think the time for some belt tightening is at hand.