Ann: Letter to Shareholders, page-87

To the Board of Directors

It has come to my attention, and I'm sure to yours as well, that a significant contingent of shareholders seems misaligned with the Board's sentiment. This was evinced quite transparently during the recent voting procedures, which revealed pronounced dissatisfaction with the Board's actions and, by some interpretations, perceived shortcomings.

I wish to express my profound concern and disappointment stemming from over three decades of experience in investing and trading within the financial markets. In my 34 years of professional involvement, it is rare to witness a company's trajectory being adversely impacted to the magnitude I currently observe. It is with deep regret that I note the perception of overriding self-interest and, seemingly, avarice among certain directorial members, which appears to have significantly hampered the company's growth and potential.

It is incumbent upon those in leadership positions to act with the utmost fiduciary duty, prioritizing the company and its shareholders above personal gain. I implore the Board to introspect and reconsider its strategies and ethos to realign with the company's and its stakeholders' best interests.

If the claims made in the company's promotional materials hold veracity, one poses the question: why has the Board not acted decisively to capitalize on the purported high-grade resources? Such an endeavour, logically, should correlate to an appreciation in share price. The market's reaction and shareholder sentiment suggest a palpable divergence from the confidence the Board purports to have.

In the milieu of the ASX, Greenstone, regrettably, has garnered a reputation less than favourable, with the leadership's credibility repeatedly called into question. In light of the preceding, I would urge severe introspection and contemplation on the path forward for the leadership team.

I also write to draw your attention to my previous correspondence dated 22nd September 2023, which I have not received a response. Pursuant to professional courtesy and diligence principles, I anticipated timely acknowledgment or a substantive reply to the matters raised therein. Kindly apprise me of the reasons for the delay, and I respectfully request that you address the contents of the letter above at your earliest convenience. Should I not receive a response within a reasonable time frame, I may have to consider alternative courses of action to ensure that the matters raised are adequately addressed.

Your prompt attention to this matter is expected.

For your convenience, I have enclosed a chart that graphically illustrates your exceptional performance. This visual aid might simplify matters if you encounter textual data challenges.

Sincerely,

Disappointed Shareholders