Ann: MLD: Support of Blackham Recapitalisation, page-2

To maintain current MC of $38m, post offer, SOI would be about 1,256,700,000 and SP $0.03.  At $0.04, MC would be $50.268m.  At $100m, SP about $0.08.  The EO for me personally, is a tough choice.  As many have suggested, it may be the only way to recover, but it also may just be throwing good money after bad. The only hope I see is along these lines:

1) the POG continues to rise,
2) they find a sheet load of HG gold in current drilling,
3) BD let go so his salary can offset the $300k ++ salary of Jerkovic and other newbies, and
4) incentivise cost reduction initiatives and efficiencies all the way down to the cleaners, and
5) Provide transparency and Honesty in ALL reporting to gain SH trust, something BD has destroyed.

The problem I have is the amount of BS that was contained in the 24 Nov 17 presentation. I now don’t know what to believe.  Getting rid of Bryan Dixon would demonstrate, to me at least, some accountability from the BoD and show they have the balls to standby their claims and desire to turn this dog around.

GL to everyone with whatever your decision may be.