Ann: Half Yearly Report and Accounts, page-312

I am sure I speak for everyone here but as a long-term retail investor in Renergen since its early days, I feel growing frustration at the opaqueness of communication from its leadership regarding the core business area that enticed many of us small investors in the first place - Helium production.

Renergen’s pitch to early investors like myself was clear - they aimed to become a leading global helium supplier by leveraging their gas reserves in Virginia, South Africa. And their slick investor presentations highlighted ambitious production figures - 4.2 tonnes of liquid helium daily from phase 2 expansions by 2025 now 2027. On this promise of significant helium output, many retail investors like myself signed up to support them early. We weathered the volatility of pandemic markets in the hope of one day seeing meaningful helium revenues. While I could stomach the ups and downs, there remained an unwritten expectation - that as a producer, Renergen would keep shareholders duly updated on helium production specifics. is that too much to ask for?

However, as 2022 drew to a close, Renergen’s and SM communication on helium increasingly turned opaque. Initial claims of the first helium by Q4 2022 silently slipped by sans explanation. And today, despite proclaiming their helium advantages over peers, we have little quantifiable visibility into actual helium output. This dichotomy of promotional promises alongside operational opacity on helium is extremely concerning as is reflected in the current share price. As shareholders, periodic disclosures on all material production parameters is a reasonable expectation. Yet when it comes to helium, Renergen’s reports contain more smoke and mirrors than transparency.

As a long-term investor with a significant portfolio allocation, such ambiguity strains trust. Either Renergen must enhance its reporting - with specifics on delays, purity levels, and ramp-up figures - or risk alienating loyal shareholders like me who bought into their visions. I await clear communication from management as delays impact investment decisions. But Renergen remains silent on helium - much to all our growing dismay.

SM please wake up in 2024 and provide all of us loyal investors with updates "good or bad" That's all we ask for...