Ann: Change of Director's Interest Notice, page-8

Hi malmanu,

Re the CEO buying, the consistent line from the company has been that the Mining Convention is very close. I can't see how it's very close when the CEO is buying on market. I don't agree that JW doesn't know the outcome like everyone else, he is the main lead in negotiations, he would know more than everyone else IMO.

Re what is 'fair value,' I've learnt the hard way that 'fair value' is irrelevant with spec stocks. The SP you think something should be is irrelevant. You can't eat 'fair value' when it's 100% off the current market price. I heard enough talk of 'fair value' on SDL boards to know it's fools gold. What matters is the market's assessment and sentiment. Some African IO PRODUCERS have gone into administration over the past few months, SDL is on it's way down to cash backing.

EQX will be around for the IO upswing when it occurs, I don't doubt that. This is due to it's $40m in the bank and low cash burn. The company is one of the first that will be developed. IMO though, this could take 12-24 months before there's any positive move in IO conditions. I see 12-24 months of no buying pressure, so no SP appreciation.

The macro conditions have stuffed the whole industry outside of the few major players, EQX is just on the wrong end of the cycle at the minute.

Good luck!