Ann: Appendix 3B - ESOP, page-137

Hey Ice,

Hopefully it's all up from here after next month 4C, there are higher options also that will become in the money and converted providing much needed cash for the company and rewarding the team at the same time.

It will be telling when these options get converted, the later and higher the better to instill confidence, if they get converted mid 30's that would send a bad signal to the market that the insiders in the company don't expect a higher SP in the near future.

I have a greater concern to be honest with our surging dollar, if it does hit the 90's as predicted, that will affect our profits as all our income is in US dollars that is converted to OZ dollars which could delay our break even.

As for the jobs I agree, they have jobs because of our investment, but also we have to compete with established businesses "our competitors", it's a fine line that Wayne has to walk on, control cash outflows while keeping our talents happy.

Good luck to all holders

Cheers