Ann: High Grade Infill Drilling at the Goulamina Deposit, page-34

To anyone expecting more decent drilling results to lift the price, don't hold your breath. We already have a sizeable and high quality deposit, the market already knows it, every other drilling result release hasn't done much for us. When are we all going to wake up and see the pattern? We will need to do further drilling to provide greater accuracy for the PFS etc, but don't expect them to have any impact on price at our current stage.

What we need to lift the price in my opinion
A) Get some belief in the market that we can dig it up and get it to someone that wants it, at a more than comfortable profit margin
or
B) Sell it to someone who is seriously interested and able, at a fair price

In hindsight over the past 12 months what has been achieved to accomplish these 2 points? We stopped talking to those who could have provided confidence to the market regarding point A) and then tried to do a deal that we could see within 48hrs was never going to work relating to point B).

Simply the market doesn't believe we can get either of these done. I believe our new board can accomplish this, but it won't happen overnight. Yes there are significant disadvantages to the location etc, but us holders see them also providing massive advantages should they be overcome (eg Capex, Opex, Permitting/Time to production and the lack of 'Red Tape'). Advantages that simply aren't factored in currently because of how we are perceived compared to our peers.

I am not expecting any serious price increases until June as these potential price catalysts will obviously take time. Hopefully ML's discussions with investors and potential customers/partners will convince new investors on board and allow the price to gradually increase in the meantime.

I'm very happy to be proven wrong on June (hoping it will be sooner) as we clearly have massive upside if we can convince the market to take us seriously. I presume once news flow relating to my 2 points starts coming through, if you don't have the stake in the company that you want, this will very quickly become one of those ones that 'got away'.

Simply the market thinks that our resource is either uneconomical to mine or that we are incapable of doing it ourselves, this is the one thing we need to change to appreciate our price.

I am very comfortable that what our management team is currently doing will finally address this issue.