Ann: Change of Director Interest Notice JOHN WELBORN, page-17

Hi GB77 and all,

I never really left. I simply didn't/ don't have any insights to share so have been quiet on the gold threads.

Immediately after the Trump victory, which I thought I was positioned for but quickly realised I wasn't, I have been reallocating position sizings and sector focus.

It has only been recently that I have got this sorted.

I'm invested in all the usual suspects on the ASX, with a focus on those mid tiers currently paying dividends, and still have a position in a mutual favourite - EDV on the TSX. As an aside, it was interesting that EDV/ Acacia were recently looking at a merger of equals which appeared to have faltered only due to a disagreement on valuations of each component.

For RSG this is interesting in that it shows a willingness from mid tier producers to combine their operations and make the leap to the major leagues. Whether that is accretive for investors or not remains to be seen, but M&A appears to be another aspect to consider now.

Cheers
John