Ann: Annual Report to shareholders, page-41

Yeah, I agree. Red October failed due to lower than expected grades. It was going to fund the mining of Fortitude, instead it led to a doubling of soi and the selling of shares in PAN, LTR, AOP and BNR to avoid going broke. The sp has dropped 70% yet Red October is still Paul's favourite project. Well Red Dog was my favourite because the company actually made a profit from it.

I'm not sold on this plan to build a plant. There is still 3 years to run of the toll treating agreement that may be able to be utilised to bring a few dollars in. The only reason the Red October toll treating costs were up to $600 per oz was the low gold grade being mined. Those same low grades is why RO failed miserably.

Sell off Red Dog and anything else not part of the main game to raise cash to fund the exploration and hopefully some good hits will lift the sp prior to the next equity raising, which looks inevitable at some point.

If the company wants to reach 1moz then it'll take a few dollars to get there. Then the cost of infilling to get the project up to a measured resource will not be cheap. Maybe a buyout becomes the best and only possibility for long term holders breaking even here. The last couple of years have been horrendous.

MAT looks cheap today so new buyers may do well.