Ann: Annual Report to shareholders, page-9

I am content with the strategy, it is pragmatic and it makes sense.

Having a warchest of a cash balance, and not wanting to waste company funds on anything short term. A clear concerted effort to do a thorough due dilligence process and delivering on a deal as long as it is the right deal. That is the most important aspect, a clear commitment to safeguard capital and work our very best to get a good deal done when alot of juniors don't have that capital.

The careful, and concerted approach, requires patience to do the meticulous work involved in trying to deliver on the best asset we possibly can at this point in the cycle. The team is certainly working hard on this

Low EV means you effectively get vend optionality with Penikat, Rana, BHP JV with BHP commiting to spend funds which exceed our EV by multiples. Enough cash here to safeguard us from dilution with the prudent strategy and can surely get us through the next two to three years

My thoughts and my thoughts only