Ann: Change of Director's Interest Notice, page-12

While I agree with you, as that's what some of the folk would be thinking, I wouldn't hold it against him if he didn't exercise them.

$361k is a lot of money.

He is the biggest holder and the biggest supporter of the company - you could say he is The Company, when it comes to supporting the company.

The recent/post-Boda CRs, everyone wants to get into and give MAG money.

But who was there before that - the last rights issue; it was the Chairman putting in $200k of his own cash, when no one else wanted to put cash into MAG and it was on its knees - total raised was about $1M from memory and it was all from the Chairman and his inner circle.

At the same time/pre-Boda, when MAG was on its knees, a $20 Billion Major (ie. FMG - now a $76B Major) came knocking for a JV but the terms didn't fully value the quality of MAG's projects, so the Chairman rejected that Major and kept 100% of the projects for us all.

Then at the same/down-on-its-knees time, MAG had no cash (literally), and the Chairman/Board funded MAG with their own cash.

Then Boda came and lit the whole area up, especially the best grounds, which are held by MAG.

With all that in mind (that comes to my head), you'd forgive him if he didn't exercise the options hey - but he still did and put in another $361k into MAG's coffers.

Anyway, just for some context, and thank you Chairman, from us HC plebs!

Cheers,

GB.