Ann: Lake Carey Gold Resource Nears 1 Million Oz Milestone, page-25

Ironically any other forum would be happy with acquiring shares as low as the 1c's and selling at 6c.

BNR only traded 1-2 days above 10c, whereas a majority of trading has been between 8-10c with decreasing volume (traded 8.3c today with $150k traded). MAT's large quantity of shares would have to be sold at a discount due to simple supply and demand, hence even if MAT was to sell BNR shares now after the price increase they would only be able to receive 6-7c per share (1-2c discount of 8-9c trading price). From that perspective MAT is no worse off but got cash earlier and delayed a capital raising. Also, at the time of sale, BNR was proposing a 4.5c capital raising and share price was decreasing to 5c, so 6c was a favourable deal back then and still is now IMO despite ARN's (BNR's neighbour) rubidium find which I think will have a relatively short-term impact on BNR.

On the conflict of issue 'issue'... I think it was in Paul's interest was to keep BNR shares, they provided a significant proportion of voting rights in his favour. I think it was in shareholders interest to sell BNR to raise capital rather than relying on additional share issues that dilute holders.

At the end of day Paul walks away with $330k cash from MAT. However, since start of year, he has injected approx $150k into MAT, 100k in cap raising plus other small buys throughout year. Half of his cash salary is going back into company, difficult to find these days… not to mention all the other MAT shares he holds. His interests are pretty closely aligned to shareholders best interest... simple agency theory. Just remember, that someone with that size of shareholding and wealth wants the rewards of capital appreciation, they aren't risking it for just a salary.

I think that going forward resource building must continue in hope that it is sufficient to satisfy the dreams of our own mill or arrange a new tolling agreement to commence production on the known Fortitude/Devon resources, seems that management is somewhat taking the first approach, definitely the bolder and bigger plan but will be more rewarding if it comes to fruition. Would like to see 1m + oz gold resource by end of year, and see further development of the new plan going forward. Hopefully, flush out some negative sentiment and pave the way for share price growth.

MAT's 900k oz gold resource and nickel JV make buying great value at $20m MC.

Just my take on things, good luck.