Ann: Investor Presentation - January 2016, page-37

Eshnum

Not sure taking on more debt could be considered strengthening the balance sheet. And without a PFS I'm not sure any bank would even talk to them.

I hope it means sorting out the costs within currently available finances. It worries me a little that they are a team with pre-existing relationships and full control of the board. If they have their own agenda there will be little shareholders can do. How much of the pie do they think they deserve, it wouldn't be difficult to engineer the need for a cap raising to "sophisticated investors", that they could then heavily participate in at discounted pricing.

Why did they strip Duckhead if it's not going to be mined for 6 months.? Surely it would have been better to stockpile high grade ore in preperation for the wet season. Strengthening the balance sheet surely starts with strong control of cashflow.

W