Ann: AGM Address and Presentation, page-26

Howdy DJM

Thanks for your perspective. On the surface, I can understand where you are coming from - heck, even MNM shares an office now at AVQ HQ in Brisbane and the same Company Secretary - however, this has been put forward as a cost saving exercise to reduce cash burn.

The old MNM had a Company Secretary based in WA, an MD based in QLD and the main asset MS based in VIC...

...now an MD based in QLD with a shared office and shared Co. Sec in QLD and a narrow veined gold expert based in VIC with main asset MS based in VIC...

...the synergies make sense.

Whilst the Board do make up an AVQ look alike and yes similar major SH's, both Rick V and Matt G were expressly recruited by a non related 3rd party to head up MNM's change of direction into solely a gold explorer/producer.

Multi-coal and multi-gold projects have been either relinquished or on hold/minimum cash spend whilst the money and focus is on delivery of one main project - MS. Staff/external consultants surplus to this directive have been let go - again reducing spend.

It is likely that the MNM of old would have already done another CR/SI placement by now to keep the lights on.

I am also aware that Rick V and Matt G are working very hard and excessive hours well beyond their salaried rates to get MNM moving into production mode. They present as very committed to getting projects progressed, conscious of spend and very aware of the SP and SH sentiment.

Now this is not to say that what you have raised DJM may not come to fruition and something sinister re "chums" etc. may eventuate - however I have yet to see any sign of it. Yes, RM has invested heavily into MNM - however I find it hard to fathom he would chose MNM as the particular ASX listed entity to do what you have conveyed as to what you believe has occurred at AVQ - surely if this was the intention....there are much better targets out there?

Anyway, from what I have seen so far from these new Directors, the presentation at the AGM and progress to date, I am more confident than I have been in a long time that MNM may become the Company that all SH's want(ed) it to be.

Time will tell...

...it always does!

Cheers The K