Ann: Change in substantial holding, page-21

@fact.u.al

I will respond to your points in a moment, but here is another perspective...

The company has had a slew of excellent announcements, but the share price has remained flat.

The only reason it has remained flat is because Stu Crow, who WAS the largest holder in the company with over 9m shares, or 10% of all stock on the company, being liquidated.

This has put a lot of downward pressure on the share price, which has kept or market cap under $15m, when it should probably be at least 2x or 3x that.

We don't know which structure the offers are in, there may be an equity component, but it would be easy to speculate that the value of the company would have a significant impact on shareholders value when a deal is finalised.

The company would be able to tell how many shares Stu has left (if any), and I'd imagine they are biding their time until all of Stu's shares are sold and the market cap has improved to a point where it represents a much fairer valuation.

Look at the price chart with on market selling volumes, and you'll be able to see how many have traded hands on the last few months.

Many people are reluctant to invest money without the charts showing positive movement, and IF Stu is fully out as @NonPolar suggested he should be after tax loss selling, then we should have a good foundation on which the share price can build.

We know through ASX announcements that Future World have been acquiring a lot of the share from Stu.

I'm very happy to say that I've been able to bring my average right down and have many more shares than I thought I'd be able to acquire, and other large holders have also been buying.

That being said, there are other major price catalysts, the largest being the formal mining code, which are expected in the near term that will result in a rerate in valuation.

I trust Paul, Graeme and the rest of the team have a lot more information and experience than we do, and we need to believe they want the best outcome and are working towards whatever that deal is.

I won't be letting my shares go cheaply, I don't think other large holders like Due World and others will accept a low ball offer, and given how long you've said you've been invested I'm sure you want to be handsomely rewarded for your patience and investment.

I'd dare say Paul didn't become the CEO of an ASX listed company for a $2m pay day, or a $5m pay day, especially if he believes it is a potentially globally unique and significant resource.

Now, onto your points,

1 - The company has the funds to last it until the end of the year, the company may choose one partner who may cover the full $50m, or multiple partners, or something else may happen, but the highest share price possible at the time of the deal is the most important thing.

PAC Partners also have a heap of performance based options triggered by certain milestones that they'll want to hit, so when the time is right (and a glut of shares available on market is not the time), they'll no doubt swing into action also.

2 - A small infill drilling campaign at Bekisopa has been completed, and a maiden drilling campaign at Satrokala will start this month. The resource is only going to grow in size and confidence. Another major needing to liquidate their position aside, it should only support the share price.

3 - As mentioned above, 10% of the company has sold in the last 6 months by the largest holder. We now have a new largest holder who has been acquiring many of the shares, and other people have been acquiring the share.

I'm not saying $0.14c is the lowest it'll go, but there has been string support down at that level, and tax loss selling has also ended.

4 - A rerate can't happen when #3 above has been playing out on market.