Ann: Gold Mineralisation Potential to be Reviewed at Manindi, page-137

No problem Pete. Lol.

I still say the main concern the market has with MLS is not the various projects. Indeed, some have real promise. Lac Rainy appears so far to be exceeding management’s expectations. The real issue here I feel relates to funding and the company’s capital structure. I think everyone on this forum agrees that another debilitating CR done at these very low levels will crush any momentum. The market wants to know what plan management have with funding. All of the options so far are out of the money. So, unless there is a sustained share price rise there will be no money coming from the exercise of the options.

Talk of farm out agreements or JV’s is premature I feel given the absence of any feasibility study or JORC. A
feasibility study or JORC will take more time and more funding. Money which the company does not currently have. Talk of selling mines or leases or even Lac Rainy make little sense as it diminishes future prospects. I believe management needs to present some sort of concrete plan to sort out future funding to restore confidence in the company’s operations and hence, share price.