Ann: Initial Director's Interest Notice , page-24

Hi BT,

My base case with non-Australian jurisdictions is that you need local expertise to understand the nuances of the regulatory environment. My current understanding of Brazil is that there is a lot of bureacracy and delays to get projects across the line. Not sure if this is more so than a similar project in Aus though - probably on a par depending on the state. To me, the legal appointment gives me the greatest comfort re time delays.

The appointment of a mining operations director with specialist knowledge of bring smaller size mines on board makes a lot of sense given AN is expected to be a 10-20ktp operation and PB 20-30ktp.

Re TP, my expectation is that his shorter term focus will be exploration of the tenements picked up from Xstrata, negotiating with Vale, monetising other non-core assets (ie nickel) and negotiating off-takes and the like.

As with all boards, you always need non-execs as well.

In the longer-term, once AVB moves to being a producer with an on-going exploration focus, then I would expect some Board consolidation and in fact would be disappointed if this did not occur.

I continue to be worried about funding and the addition of two executive directors will add to this pressure. This is yet to be clarified. However, we are about to go into the capital intensive phase of AVBs lifecycle so capital raising are inevitable. TP busily working out a deal with Vale could be critical in minimising dilution; hence the addition of an ops specialist could well be critical to minimising further dilution.