Ann: Investor Presentation - May 2017, page-2

I really like Gold Road's presentations. Easy to read through and I always go straight to the shareholder piechart and substantial holders and we now have Gold Fields 10% and SunValley 10% . Page 4 lists the three stipulations restricting GFI to 10%

1. If I'm reading this correctly, Gold Fields would have to wait two years after ceasing to be a JV with GOR on the Gruyere Project to acquire more than 10% of GOR. Seems to me that if the JV ended GFI would want to sell instead of waiting around for two years to buy more. Anybody got a take on this?

2. This one seems pretty good. Almost a set up for a bidding war. I just don't see another company that's not already involved with GOR showing up. Maybe SunValley would go for 20% and use that as a bargaining chip for a % of the NSR at the end.

3. The catch all! If GFI walks into the offices of GOR and presents them with a deal to acquire another 10% or more and GOR's Board says OK, then it happens!

--This is fun, no telling what's going to happen.