Ann: Calidus Investor Webinar, page-18

The "Naysayers" have heard all this before MTV. But the only thing that eventuates is another CapRaise after a string of announcements followed by a webinar presentation.

Despite what we are being told, I do not believe Cashflow from Operations is positive. I believe this is spin. Study the past 3 Quarterly Statements and Cashflow Reports, disect the numbers and you will see why.

Also look at how the $10.5m equity for Creditors Debt swap with Macmahon has been reported in the different areas of the financials, then instead include the $10.5m equity as Cashflow in and the Creditors Debt reduction as Cashflow Out (as an operating expense) and it paints a different picture.

Also, Sept 23 Quarter CAI sold 1000 ounces more gold than it produced. I can't give you the exact figure as the production figure in the quarterly is stated twice and they are different number 13,969 and 13,696 produced for the quarter.

This is my opinion only, perhaps I am wrong and have missed something.