Ann: Golden Eagle SW Exploration Update, page-15

MOY has become the star performer of my much reduced goldie portfolio, and is offsetting my growing loss on RSG which I have high hopes of becoming a star "in the fullness of time".

Been in and out of MOY a few times since 2015. I have been attracted by the honesty of management, the exploration potential, the prospect of lowering costs while they expand production, and benefits of operating in Oz (lower AUD/higher POG, and low country risk).

When I got back in again this year my thoughts were that MOY had better upside value than its two near peers, SLR and RMS if one disregarded what SLR/RMS had in cash, and looked through into the near term future. With the decline in the share price of SLR/RMS and the lift in MOY's share price that value gap is a lot lower.

I will continue to treat MOY as a long term self-funded exploration spec. Hopefully they can clear their debt and rebuild their cash reserves in the next 12 months.

GLA

loki