Ann: COMPANY UPDATE - MANAGEMENT Q&A, page-16

AngloGold have a wonderful mine north of Cascavel called Serra Grande which I believe is one of the
most profitable mines in their global portfolio. We are currently in discussions in regards to a potential JV
on exploration outside of Cascavel.
While these discussions continue we are planning our own drilling campaign for 2018 that has already
commenced at Antena and will soon move to Eliseo and Tinteiro. We think a potential strategic alliance
with AngloGold could be a win-win for both companies, but we must ensure shareholder value is
maximised first and foremost.

These guys are good.