Ann: Investor Presentation, page-273

@ThePig I think you're overcooking those figures considerably. Ranford has certainly benefited from a lot of shares but the dollar value of those shares have decreased significantly in value, some by 80% or more. For example, the issue he received in 2021 was at around 0.23 cents. A large number are also performance-based options that won't vest until (a) they are approved by shareholders at AGMs and (b) until the company starts meeting production KPIs. He has sold about $42,000 of his share allocations, purportedly to fund tax debt.

My opinions only here. Has Ranford benefited from excessive share allocations? Yes, that was an artefact of the old Grivas/Shearer board who threw shares at each other like confetti. Was he overpaid as a three-day-a-week consultant? Yes. Both were addressed in the last remuneration restructure. Is he overpaid now? I'm not so sure - most mining COOs in Australia are making $300k-plus.

Do I know exactly what Ranford does now and whether he is worth the money paid? No. That's an operational matter and unless they actually work for the company, shareholders have little to no knowledge of operational matters. This applies to me as it does to you. I suspect most of his time over the past 12-18 months has been taken up with the mining license and PEPR applications. If I was to guess, I'd say he's now working on site preparation, plant design, logistics, etc.

Do I think the company is "on the brink of disaster"? No. If I did, I'd have sold my shares long ago. If that's what you seriously think, why are you still holding?

Do I think a board member needs to be dumped because none of JM's blue sky has come to fruition or because Holzberger said something you didn't like? That's a question for the shareholder base - not for me, and not for you and the handful who routinely like your demands that it happen. My personal view is that unless they are replaced by someone of superior experience and expertise, removing a board member would not improve the prospects for the company moving forward, which is my only concern as a shareholder.