Ann: Application for Register of Members, page-9

Hi all and BS,

This is great. It'll bring the debate of real SHolder value into the open and unsettle some pretty entrenched management. Sell/distribute the lot. Let us be the judge of whether we individually want to support the pups.

So where are we with the cash?
$26.02m (sale of 36.5m OBS at 0.713)
$ 0.68m (cash end Dec Qtr)
($2.07m) (director/other loans)
($0.58m) Est Mar qtr admin and other expenses)
($0.50m) repay convert note
($0.50m) for NVG
($0.50m) for ANW
($1.16m) for Sol gold
$21.39m 'left' end of March Qtr/412.16m shrs = 5.19c/shr cash

So could easily distribute 3c and have $9m left (equal to 50% of current Mkt cap) so that's more than enough.
Hey, if management don't think its a great idea then they can exclude themselves from a premium share buy-back. I think 8c for 50% of everyones holding would get a look-in

From the last annual report, Mather, directors/management and Tenstar (I'm assuming a close ally of Mather) have about 118.1m or 28.6% of the 412.16m. There's probably another 20-30m or so that could be friendly. So Sandon will need to get at least 35% to have a chance of playing hard ball.

What are the other assets worth?
$7.40m (Ironridge: 62.293m @6.25p @1.90 ex rate)
$4.27m (Solgold: 54.5m@[email protected] and $1.16m new investment)
$4.12m (Armour: 75m @ 5.5c)
$1.03m (Aust tin: [email protected] +$0.5m investment)
$0.84m (Navaho: 113.5m @0.3c +$0.5m investment)
$1.00m? (Other unlisted Pinnacle, DGR Zambia, Hartz, Coolgarra)
$18.66m or 4.53c/DGR share.

So, in all...9.6c/DGR share compared to March VWAP of 3.896c.

Hey, I might even be tempted about letting Sandon have my shares at 7.5c and give them 2.1c or $8.65m profit for their troubles.

Kick some A..

Cheers,