Ann: Chairman's Address to Shareholders , page-4

Hi

I spoke to Jon G after the meeting and he said any acquisition would be on FML's terms when the time and price was right. I don't think they will be taking any risk in todays market regarding this type of expansion.

Jon also said that he can't see any chance of consolidation of shares as he sees to much risk especially under the present circumstances.

At the meeting they mentioned that new results for Perserverance will be out shortly. The way they spoke I anticipate that the news will be very good - but this is my view on how I interpreted how they said it.

I believe we have steady hands steering FML and a continuation of cash flow positive, more discoveries and a rise in the Aus gold price will see FML be a sought after stock.

As in quite a few of my previous posts I think this is still a stock to accumulate and reap the benefits in a couple of years time.

Good luck to all that hold.