Ann: Australian Gold Conference Presentation, page-8

1. this is a far more coherent presentation that better details the ramp up over the next 18 months and the key milestones.

2. I was hoping for a stronger qty but we are 2/3 of the way through and lower estimate is only 16,500 ounces. Hopefully this isn’t the case and they just haven’t updated this quarters production estimates. This is a short term view, purely based on the need to provide some support to the share price.

3. Now the scoping study is done I really hope they spend the next six months working out how to better articulate the path forward for Boda-Kaiser. 30 words and a concept pit design graphic doesn’t cut it nor does it fill you with confidence that they have a long term plan that extends beyond 12 months. excluding the environmental study which is 24 months of data, the plan seems to be keep drilling and hope for a JV.

An indicative timeline for this project would be great so we understand their milestones and plan post scoping study to get this project off the ground. There is only so long they can drill this target without getting a JV offer before they need to go it alone or accept this project isn’t viable.