Ann: Capital Raising Presentation, page-20

What I meant re exploration is that if that's the right path, this raise is ridiculous.

The price has tanked and they're raising money for land acquisition now? Why wouldn't they string together a better story / release the numbers and show there's something half decent here, get the share price up and then raise money to buy land at much less dilution. The same with the corporate development / fund raising costs - 10% of the raise is extremely high. Then there's the additional work / planning - that is a huge sum for what should be a nearly approved mine and indicates they are in fact nowhere near ready..

If in fact they are truly intending to go to development, they should be getting numbers out and circulated by now - nearly all these numbers are independent of Approvals. They should have even paid research commissioned on the numbers so investors have a chance to determine what the company is now sitting on. I reiterate, if they can't show them now and need another 6 months, they mustn't be very good. Why? Because when you're being battered as they are, you want to get some good news out there..

When I re-read above it's clear this is a push me - pull you. At a strategy level, they're looking to spend money and time being an explorer, whilst also spending money on trying to be a developer at a time in their share price is near the floor. You have the liberty to be both when you're riding high, but when you undertake a near 20% dilution raise to do both, the only winner are the executive team who get paid for another year.