Ann: June 2015 Quarterly Activities & Cashflow Report, page-9

Hi Underdone and all,

I still remain suspicious that the time delays getting back to full production was more about keeping the share price down so more shares could be purchased by insiders than a case of simply very poor management.

However; I guess that is now irrelevant those feeling smug buying at $0.30 don’t look so clever these days. I never expected to see this company dip under the twenty cent level, just as well these shares are so tightly held or we might have seen a cheap takeover bid.

The fatality was indeed most unfortunate; however, I thought the reason we had an Indonesian partner was to ensure that paperwork permits etc. were in order. In my opinion the delays caused by some jobsworth not doing his / her job properly have to be put down to very poor management.

You suggest we put these shares in our bottom draw for at least the next twelve months may I remind you that at the beginning of July the share price was $0.28 and touched $0.19 and closed at $0.20 this Friday a fall of 30% in less than thirty days. Another couple of months like that and we could be in receivership. The fundamentals may well be there but the market clearly thinks otherwise

I agree Bill Philips knows this type of mining well and he has the runs on the board, I am not as old as he is but I doubt that either of us will live long enough to see this company share price rise by a factor of 9 just to get back to its 2011 level!

Like many other investors in this company I keep feeling that things can’t possibly get any worse; however, the current management continues to prove me wrong.

Cheers and very best regards: Andy