Ann: Godolphin Managing Director's AGM Video Presentation, page-7

At this price better off holding rather than selling. Big gold resource but not really of much value unless there is a bankable feasibility study to map the path to cashflow. Mt Aubrey has been forgotten by the MD and the crew. Lewis Ponds is heading in the right direction but too slowly. It needs some clear direction with the path to production. The big hits that might cause GRL to go bananas include Gundagai, Copper Hill East or something big to the north of south of Lewis Ponds. Deeper drilling there forget it until the decline is completed. Historically Yeoval is very patchy, small and tends to be low grade. The MD's comments re Alkane's rare earths project are a bit out there as not really applicable to any of our holdings. The MD clearly has some confidence but needs to focus on the big items rather than some trivial matters in the important air time. I am still puzzled by the lack of urgency with Turrawonga and does the drill targeting at Yeoval come before the soil results? I could not work that one out.