Ann: Investor Presentation, page-3

A1M is at a fascinating juncture.

It needs money: to build Jericho, to remake the concentrator, for resource definition drilling and to prospect a large and attractive exploration portfolio.

It has positive cashflow from high-grading Eloise, being funnelled into all these useful, developmental projects.

But the process is slow. The market and A1M management are impatient at the opportunities before us.

Aaron Colleran and Josef El Raghy have to juggle these competing priorities, and juggle hard.

The temptation to raise capital or finance with fringe lenders who require a pound of flesh is enormous, and is why the share price is so weak.

AC & team are exhibiting considerable investment discipline, in fact, are staring down Mr Market, financiers and their managers by not succumbing to easy calls like 'just get on with it and hang the consequences'.

You dont need me to tell you the benefits of a sound capital regime are profound. We all know this, while equally easily seduced by the sugar hit of instant gratification.

IMHO, there are many bags in A1M - provided they hold their nerve and execute with minimal dilution - not nil dilution, minimal dilution.

GLTAH

Ash