Ann: Investor Presentation - April 2024, page-32

No consolidation has been announced, but the board has announced that consolidation is being considered. 25bln shares on issue. Approx $17 of accrued debt for the 2024 flow test and a sp of ~004 to ~0045 all indicate that consolidation would be seen by the board as beneficial.

My reasoning: Based on quarterly report there is about $18million in the bank, by my calculations, in conjunction with the Namibia payment that falls due this quarter and projected income from longhorn, the company will need a CR very soon.

88e history is that it generally does a placing around this time and that alone will dilute sp. My opinion is that it could go as low as 003, but I admit this is my opinion. At 003 with say 30billion shares, the company is difficult to trade. The share price has limited movement and it is easily swamped. So in my opinion the company will consolidate because at 003 it will have no option.

You are free to disagree. Personally, I think for the company a restructure would be the right decision. For existing shareholders and I am one it would be a bad thing. I say this because after the consolidation the sp will drop imo and the company will need a very big CR to fund Alaska. That said they think a farm out is possible - on what terms?

To date we have spent well over $200 million on exploration in Alaska, should we settle for perhaps a small payment for a farm out?

It looks to me that 88e is going to Namibia (Alaska2.0) trying to wash and repeat the last 4 years. As shareholders, we believe it's time the company considered us!

I would like the company to consolidate and then negotiate a merger with PANR. We should then allow PANR to rationalise staff.

THIS IS ALL MY VIEW : DYOR

I will be voting no to all current motions. I hope a spill occurs and shareholders take back control.

Please make your own mind up - this is my opinion