Ann: Drilling Update, page-16

In my opinion price is where it is because Delphi are about to get the green light to buy another 3% on market in the next couple of weeks.

So with the above mentioned I hope our board are not silly enough to release our reserve update or any other positive drilling results untill at least the middle of April. I hope we don't get our funding untill Delphi get their fill either because if there is one thing for certain no insto no matter how supportive the board thinks they are like paying a fair price for a stock.

I find it quite amusing Milan has mentioned in recent times how we have supportive instos on our register. I believe having a share price languishing well below a fair market price to peers seems to suggest otherwise.

This leaves an interesting question, what is the end game for Delphi owning all this stock at such a low price well below peers??? My only conclusion based on where we are in the stream of time and on the crusp of starting stage 1 is this is being accumulated for a T/O and not by Delphi because they do not run mines. If it wasn't, our instos Delphi and co surely had the ability to ensure we were already trading at 3x our current market cap.

My feeling is that If we are a real go for stage 1 or 2 ourselves our SP would be trading alot higher to protect our major shareholder from executional risk. Imagine Delphi trying to sell down on holdings if things didn't go to plan, they would stand to lose millions at current prices let alone where price will end up selling 35% plus on market from here.

I say this all in pure speculation as a positive line of reasoning to understand or explain where our WMX price is at the moment despite recent pull back in POG.